Alternative Approaches for Modeling Concave Willingness to Pay Functions in Conjoint Valuation

Layton suggests the standard inverse hyperbolic sine (ISH) transformation as an alternative to log transformations when some of the explanatory variables take on zero or negative values, and the use of the nonlinear in parameters ISH function as an alternative to the Box-Cox when the explanatory var...

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Bibliographic Details
Published in:American journal of agricultural economics 2001-12, Vol.83 (5), p.1314-1320
Main Author: Layton, David F.
Format: Article
Language:English
Subjects:
Agricultural economics
Agriculture
Econometric models
Economic models
Economics
Environment
Freshwater fishes
Improving the Connection between Theory and Empirical Analysis of Stated Preference and Conjoint Data
Linear models
Marine fishes
Mathematical transformations
Modeling
Modelling
Musical intervals
Parametric models
Preferences
Probability
Q220
Q260
Range improvement
Ratings & rankings
Valuation
Willingness to pay
Zero
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Description
Summary:Layton suggests the standard inverse hyperbolic sine (ISH) transformation as an alternative to log transformations when some of the explanatory variables take on zero or negative values, and the use of the nonlinear in parameters ISH function as an alternative to the Box-Cox when the explanatory variables take on zero or negative values.
ISSN:0002-9092
1467-8276
DOI:10.1111/0002-9092.00284