Improved estimation of willingness to pay in dichotomous choice contingent valuation studies

Langford, L.H., Bateman, L.J., Jones, A.P., Langford, H.D. and Georgiou, S. (1998) Improved estimation of willingness to pay in dichotomous choice contingent valuation studies. Land Economics, 74 (1). pp. 65-75. ISSN 0023-7639

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Abstract

This paper uses recently developed statistical techniques to achieve improved parameter estimates from models ofdichotomoiis choice contingent valuation data. Random effects associated with bid amounts presented to respondents are modelled alongside the variance of individual responses, to give a nested model which more truly reflects the structure of the data being analyzed. Quasi-likelihood methods for estimating parameters in such hierarchical models are discussed, and a simulation method for assessing goodness of fit is demonstrated. However, estimated parameters may still be biased, and hence, a parametric bootstrap technique is presented and compared to a delta method approximation. (JEL Q26).

Item Type: Article
Uncontrolled Keywords: contingent valuation,environmental economics,theory,willingness to pay
Faculty \ School: ?? UEA ??
Faculty of Medicine and Health Sciences > School of Health Sciences
Faculty of Science > School of Environmental Sciences
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Depositing User: Pure Connector
Date Deposited: 16 Jan 2015 13:10
Last Modified: 23 Jan 2019 13:54
URI: https://ueaeprints.uea.ac.uk/id/eprint/51699
DOI:

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