Results of Discounted Conditional Logit (D-CL), Discounted Mixed Logit (D-MXL), and Discounted Logit-Mixed Logit (D-LML) Models in a Willingness-to-Pay Space
| Parameter | D-CL (Exponential) | D-MXL (Exponential) | D-LML (Quasi-hyperbolic) |
|---|---|---|---|
| ASC1 (C/T) | –2.44** (1.16) | –0.451*** (0.737) | 13.12* (8.51) |
| ASC2 (SWI) | –0.789 (1.16) | 16.471*** (0.801) | 29.56*** (7.43) |
| Buffer | 7.05*** (2.05) | 6.327*** (0.192) | 5.22* (3.85) |
| Quality | 12.58** (4.91) | 9.968*** (0.383) | 9.32* (6.59) |
| Jobs | 7.63*** (2.87) | 4.315*** (0.220) | 6.64*** (0.07) |
| Infrastructure | 4.133 (3.99) | –8.254*** (0.187) | 6.05 (11.19) |
| Wildlife | 3.661 (3.95) | –1.556*** (0.198) | 8.92* (4.20) |
| Scale (λ) | 0.371*** (0.04) | 1.639*** (0.241) | 0.700* (0.124) |
| R | 0.362*** (0.05) | 0.491*** (0.0054) | 0.626*** (0.047) |
| Β | 0.613* (0.42) | ||
| SD (ASC1, C/T) | 51.952*** (0.186) | 74.40*** (4.88) | |
| SD (ASC2, SWI) | — | 44.645*** (0.151) | 88.64*** (6.68) |
| SD (buffer) | — | 16.237*** (0.180) | 23.96*** (2.65) |
| SD (quality) | — | 64.774*** (0.726) | 34.83*** (3.72) |
| SD (jobs) | — | 0.073 (0.058) | 0.36*** (0.03) |
| SD (infrastructure) | — | 53.070*** (0.706) | 44.44*** (6.16) |
| SD (wildlife) | — | 83.207*** (1.005) | 22.06*** (2.04) |
| SD (scale (λ)) | — | 4.882*** (0.850) | 0.458* (0.08) |
| SD (r) | — | 0.005 (0.014) | 2.65*** (0.24) |
| SD (β) | — | 1.76*** (0.22) | |
| Log-likelihood | –4,185.3 | –3,531.7 | –3,377.9 |
| AICBBIC | 8,388.6 | 7,099.4 | 7,005.9 |
| BIC | 8,445.0 | 7,212.2 | 7,789.0 |
| Obs | 11,655 | 11,655 | 11,655 |
Note: D-MIXL and D-LML have bootstrap standard errors given in parentheses obtained using 250 bootstrap samples. Results for all the discounting models for each estimation method are in Appendix Tables A1 and A2 (tests for β are against 1; all others are against 0). AIC = Akaike information criterion; BIC = Bayesian information criterion; C/T = cap and trade; SD = standard deviation; SWI = surface water infrastructure.
*, **, *** Significance at the 10%, 5%, and 1% levels, respectively.