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Econometrics of stated preferences.

Fiebig, D.G. and Yoo, H. I. (2019) 'Econometrics of stated preferences.', in The Oxford encyclopedia of health economics. Oxford: Oxford University Press.


Stated preference methods are used to collect individual level data on what respondents say they would do when faced with a hypothetical but realistic situation. The hypothetical nature of the data has long been a source of concern among researchers as such data stand in contrast to revealed preference data, which record the choices made by individuals in actual market situations. But there is considerable support for stated preference methods as they are a cost-effective means of generating data that can be specifically tailored to a research question and, in some cases, such as gauging preferences for a new product or non-market good, there may be no practical alternative source of data. While stated preference data come in many forms, the primary focus in this article will be data generated by discrete choice experiments, and thus the econometric methods will be those associated with modeling binary and multinomial choices with panel data.

Item Type:Book chapter
Full text:(AM) Accepted Manuscript
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Date accepted:29 November 2018
Date deposited:30 November 2018
Date of first online publication:26 April 2019
Date first made open access:26 April 2021

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