I have two questions for you experts.
(1) Covariates in WTP space
I have formulated a MIXL model in WTP space (Bayesian estimation) and would like to incorporate some covariates. I have specified the parameters as follows...
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wtp_Attribute1Level2_value = wtp_Attribute1Level2 +
## Sociodemographics
wtp_Gender_Attribute1Level2 * COV_Gender +
wtp_Age_Attribute1Level2 * COV_Age +
wtp_Education_Attribute1Level2 * COV_Education +
wtp_Residence_Attribute1Level2 * COV_Residence +
The utility function looks like this:
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V[['alt1']] = b_Price_value * ( wtp_Attribute1Level2_value * Attribute1Level2 + ...
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b_Preis_value = b_Preis +
## Sociodemographics
b_Income_Preis * COV_IncomePerCapita
(2) "left right effect" in WTP space
In the manual on page 68, alternative-specific constants are included in the MIXL to account for "left-right effects". Is it possible/sensible to integrate the alternative-specific constants into WTP space? So...
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V[['alt1']] = b_Price_value * ( wtp_asc_1_value + wtp_Attribute1Level2_value * Attribute1Level2 + ...)
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V[['alt1']] = wtp_asc_1_value + b_Price_value * ( wtp_Attribute1Level2_value * Attribute1Level2 + ...)
Best wishes
Nico