Valuing Bundled Attributes: A Latent Characteristics Approach
论文指出当商品属性被捆绑时，传统独立评估方法会出错，并提出一种潜在特征方法，通过纳入更多属性信息并直接建模属性间联系来改进评估，以荒野徒步为例验证了该方法优于标准模型。
<i>Lancaster wrote that attributes of goods may combine to produce characteristics that are the primary units of consumption (1966). Often, the attributes of goods are bundled and cannot be separated. We show that if attributes are technically bundled then valuation analyses that treat these attributes as independent will be wrong. We show that a latent characteristics approach improves upon other methods by incorporating more information about attributes than standard methods and by directly modeling the linkages among attributes. For the case of wilderness hiking, the latent approach provides a statistically better model of site choice than other standard methods.</i>