A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
A direct measure of the value of choice-freedom
Abstract The value of choice-freedom is a measurement of the variety of choice of an individual and is defined as the maximum amount a consumer would be willing to pay for the option which is infrequently or not at all used by the consumer. This paper shows that the value of choice-freedom can be derived from random utility theory and measured by an entropy defined by choice probabilities. In addition, the interrelationships among choice-freedom, average utility and indirect utility is unified into only one equation, called the choice equation, and its properties are examined.
A direct measure of the value of choice-freedom
Abstract The value of choice-freedom is a measurement of the variety of choice of an individual and is defined as the maximum amount a consumer would be willing to pay for the option which is infrequently or not at all used by the consumer. This paper shows that the value of choice-freedom can be derived from random utility theory and measured by an entropy defined by choice probabilities. In addition, the interrelationships among choice-freedom, average utility and indirect utility is unified into only one equation, called the choice equation, and its properties are examined.
A direct measure of the value of choice-freedom
Miyagi, Toshihiko (author) / Morisugi, Hisa (author)
1996
Article (Journal)
English
BKL:
74.12
Stadtgeographie, Siedlungsgeographie
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