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Journal Article

Modeling Dynamic Preferences: A Bayesian Robust Dynamic Latent Ordered Probit Model

Daniel Stegmueller
Political Analysis
Vol. 21, No. 3 (Summer 2013), pp. 314-333
Stable URL: http://www.jstor.org/stable/24572664
Page Count: 20
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Modeling Dynamic Preferences: A Bayesian Robust Dynamic Latent Ordered Probit Model
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Abstract

Much politico-economic research on individuals' preferences is cross-sectional and does not model dynamic aspects of preference or attitude formation. I present a Bayesian dynamic panel model, which facilitates the analysis of repeated preferences using individual-level panel data. My model deals with three problems. First, I explicitly include feedback from previous preferences taking into account that available survey measures of preferences are categorical. Second, I model individuals' initial conditions when entering the panel as resulting from observed and unobserved individual attributes. Third, I capture unobserved individual preference heterogeneity both via standard parametric random effects and a robust alternative based on Bayesian nonparametric density estimation. I use this model to analyze the impact of income and wealth on preferences for government intervention using the British Household Panel Study from 1991 to 2007.

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