References in periodicals archive ?
Third, unlike most applications of CVM aimed at finding a willingness-to-pay in dollars to include in cost-benefit analyses, we only require relative trade-offs for the construction of weights for quality indices, so that ratios of mean willingness-to-trade travel time (WTT) for quality indices would reflect their relative weights in constructing overall ratings.
This requirement, combined with the necessity to limit the number of elicitations per respondent to a small number (ideally one) to avoid early elicitations priming subsequent ones, makes it potentially costly, in terms of sample size, to elicit WTT for all the currently used NHC quality indices.
Table 1 summarizes the quality indices for which WTT was elicited.
We estimate WTT with a model that allows us to infer mean WTT for improvements in each quality index.
(18) Following this approach, we estimate mean WTT after recoding acceptances as rejections if respondents were not "very" or "extremely" certain of their acceptances.
We consider three sets of covariates that may affect WTT. First, the characteristics of the resident may be associated with the respondent's valuation of quality indices changes.
We assume an underlying random utility model in which WTT is an exponential function of the bid time.
Sensitivity analyses found that not recoding acceptances for certainty only slightly changed the relative magnitudes of WTT so that the derived weights changed little.
The mean WTT for each estimation sample (average of predicted values) ranges from 9.3 minutes for ADL 1 improvements to 30.5 minutes for inspection improvements.
The last column of Table 5 shows the illustrative weights based on the mean WTT per standard deviation of change for the seven quality measures standardized to sum to one.
The primary innovation is to elicit WTT in time rather than willingness-to-pay in money.
Acronyms browser ?
Full browser ?
- WTTG Television Tower