Distribution-free estimation with interval-censored contingent valuation data: Troubles with Turnbull?

Day, Brett (2007) Distribution-free estimation with interval-censored contingent valuation data: Troubles with Turnbull? Environmental and Resource Economics, 37 (4). pp. 777-795.

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Abstract

Contingent valuation (CV) surveys frequently employ elicitation procedures that return interval-censored data on respondents’ willingness to pay (WTP). Almost without exception, CV practitioners have applied Turnbull’s self-consistent algorithm to such data in order to obtain nonparametric maximum likelihood (NPML) estimates of the WTP distribution. This paper documents two failings of Turnbull’s algorithm; (1) that it may not converge to NPML estimates and (2) that it may be very slow to converge. With regards to (1) we propose starting and stopping criteria for the algorithm that guarantee convergence to the NPML estimates. With regards to (2) we present a variety of alternative estimators and demonstrate, through Monte Carlo simulations, their performance advantages over Turnbull’s algorithm.

Item Type: Article
Uncontrolled Keywords: interval-censored data,turnbull’s self-consistent algorithm,nonparametric maximum likelihood,contingent valuation
Faculty \ School: Faculty of Science > School of Environmental Sciences
Related URLs:
Depositing User: Rosie Cullington
Date Deposited: 26 Feb 2011 19:08
Last Modified: 21 Apr 2020 19:21
URI: https://ueaeprints.uea.ac.uk/id/eprint/25075
DOI: 10.1007/s10640-006-9061-8

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