Information, Random Regret Minimisation, Random Utility Maximisation: Willingness to pay for Renewable Energy
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We investigate how different levels of information affect respondents’ preferences as well as choice behaviour in choice experiments by analysing respondents’ choices using two choice paradigms: the Random Utility Maximisation (RUM) and the Random Regret Minimization (RRM). The RRM offers a tractable, regret-based model complementary to the dominant RUM. Analysing choice related to hypothetical programmes for the promotion of renewable energy, we find that varying the level of information does not affect preferences and scale, whilst it does affect the choice paradigm. Additional information increases the probability that a respondent’s choices are better explained by the RUM than the RRM.