NERA Vice President Professor Kenneth Train Delivers Robert R. Holdren Memorial Lecture at Iowa State University
Ames, Iowa
5 March 2007
Hosted By: Iowa State University
NERA Vice President Professor Kenneth Train delivered the Robert R. Holdren Memorial Lecture at Iowa State University on Monday, 5 March 2007. In his lecture, "Economic Analysis of Stated-Preference Experiments based on Revealed-Preference Choices," Professor Train described a new way of obtaining information about preferences. He pointed out that constructing stated-preference experiments from a choice that the respondent made in a revealed-preference setting can enhance the realism of the stated-preference task and the efficacy of preference revelation. However, the practice creates endogeneity in the attributes of the stated-preference alternatives. Professor Train described a general estimation method that accounts for the endogeneity and gave specific examples based on standard and mixed logit specifications of the revealed preference choice. He showed conditions under which standard estimation methods are consistent despite the endogenity for one type of experimental design. Professor Train also illustrated the more general methodology through an application to shippers' choice of route and mode along the Columbia/Snake River system.
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