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Using Revealed and Stated Preference Data to Estimate the Demand and Consumption Benefits

Using Revealed and Stated Preference Data to Estimate the Demand and Consumption Benefits 2025

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The document analyzes the demand for National Hockey League (NHL) game trips among residents of Alberta, Canada, using revealed and stated preference data. It estimates how factors like ticket prices, team quality, arena amenities, and travel costs influence attendance at hockey games. The findings indicate that lower ticket prices and higher team quality significantly boost attendance, with a consumer surplus of $50 per game for attendees and about $25 for non-attendees. The study also highlights the economic benefits of new arenas in Calgary and Edmonton, suggesting substantial annual consumption benefits from increased attendance if new facilities are built.

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What is revealed and stated preference data?

Revealed Preference technique is the conventional approach to generate data. It relies on observed or reported data of actual behavior. Stated preference technique is a new data generation method. It creates transportation scenarios using hypothetical data.

What are the advantages of revealed preference method?

That revealed-preferences method is called the hedonic approach. The household production and hedonic approaches have the advantage of relying on actual consumer choices to infer the value society holds for a particular environmental good, rather than relying on hypothetical scenarios.

What are the disadvantages of revealed preference theory?

Revealed Preference Theory has limitations including the assumption that consumers are always rational, which isnt always true. It ignores consumers satiation point and disregards income effect on the demand.

What are the advantages of stated preference method?

Stated preference (SP) methods are highly flexible. Their flexibility is both an advantage and a potential source of misuse. SP can in principle generate monetary willingness to pay (or accept) estimates of direct, indirect or non-use values.

What are the key points of revealed preference theory?

Revealed preference theory works on the assumption that consumers are rational. In other words, they will have considered a set of alternatives before making a purchasing decision that is best for them. Thus, given that a consumer chooses one option out of the set, this option must be the preferred option.

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What are the advantages of revealed preference?

Revealed Preference Theory of Demand ensures that the consumer always chooses the best bundle that he/she can afford. We can also say that strong axiom of revealed preference is sufficient condition for maximizing behaviour of the consumer.

Using Revealed and Stated Preference Data to Estimate the Demand and Consumption Benefits 2025

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What is revealed and stated preference data?

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