Hello
I have run a DCE with a time variable (life expectancy months) as my WTP price variable. I have used mixlogit to estimate the main effects of each attribute (the alternatives were unlabelled) and used the wtp command to produce wtp estimates.
I am getting very large numbers in some cases - up to 240 months.
I am pretty sure the sums are correct which is why this question is really for insight about the substantive meaning of wtp. Even though 'payng 20' years is implausible in itself, could it signal that this attribute is so important that they would rather die than not have it? In other words could there be a ceiling effect?
In the DCE I posed a choice of gaining/losing 6 months, 18 months or 3 years of life expectancy. Can my massive wtp numbers be a product of me making the gaps between categories too wide?
Any insights welcome. Thank you.
I have run a DCE with a time variable (life expectancy months) as my WTP price variable. I have used mixlogit to estimate the main effects of each attribute (the alternatives were unlabelled) and used the wtp command to produce wtp estimates.
I am getting very large numbers in some cases - up to 240 months.
I am pretty sure the sums are correct which is why this question is really for insight about the substantive meaning of wtp. Even though 'payng 20' years is implausible in itself, could it signal that this attribute is so important that they would rather die than not have it? In other words could there be a ceiling effect?
In the DCE I posed a choice of gaining/losing 6 months, 18 months or 3 years of life expectancy. Can my massive wtp numbers be a product of me making the gaps between categories too wide?
Any insights welcome. Thank you.
