Criterion and predictive validity of revealed and stated preference data: the case of “Mountain Home Music” concert demand

Authors

  • John C. Whitehead Appalachian State University
  • Douglas Simpson Noonan Indiana University - Purdue University Indianapolis
  • Elizabeth Marquardt Charlotte-Mecklenburg Schools

DOI:

https://doi.org/10.17811/ebl.3.2.2014.87-95

Abstract

Despite a robust literature on nonmarket valuation of cultural assets, serious validity concerns remain.  We address this by estimating a demand model for a regional concert series.  We survey concertgoers during and then again after the concert season to gather ex ante and ex post stated and revealed preference data. Comparing ex ante stated preference data to ex post revealed preference data we find respondents overstate their concert attendance behavior. An ex ante revealed-stated preference demand model with a stated preference adjustment helps calibrate the results and avoid bias from using solely hypothetical, stated preference data. The results demonstrate how to improve predictive accuracy in contingent behavior models and improve our understanding of demand for live music performances.  

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Published

10-09-2014

How to Cite

Whitehead, J. C., Noonan, D. S., & Marquardt, E. (2014). Criterion and predictive validity of revealed and stated preference data: the case of “Mountain Home Music” concert demand. Economics and Business Letters, 3(2), 87–95. https://doi.org/10.17811/ebl.3.2.2014.87-95

Issue

Vol. 3 No. 2 (2014): June - Special Issue: The Economics of Cultural Industries

Section

Special Section

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