PT  - JOURNAL ARTICLE
AU  - Daniel J. Phaneuf
AU  - Laura O. Taylor
AU  - John B. Braden
TI  - Combining Revealed and Stated Preference Data to Estimate Preferences for Residential Amenities: A GMM Approach
AID  - 10.3368/le.89.1.30
DP  - 2013 Feb 01
TA  - Land Economics
PG  - 30--52
VI  - 89
IP  - 1
4099  - http://le.uwpress.org/content/89/1/30.short
4100  - http://le.uwpress.org/content/89/1/30.full
SO  - Land Econ2013 Feb 01; 89
AB  - We show how stated preference information obtained from a choice experiment, and revealed preference information based on housing market transactions, can be combined via generalized method of moments (GMM) estimation. Specifically, we use a moment condition matching the predicted marginal willingness to pay (WTP) from a first-stage hedonic model to the marginal WTP formula implied by the choice experiment utility function. This is coupled with other moments from the choice experiment to produce GMM-based estimates of parameters that reflect the strengths of each data source. Our application values remediation of a contaminated site in Buffalo, New York, and we find evidence in support of estimates arising from our approach. (JEL Q51, Q53)