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Semiparametric Estimation of the Binary Choice Model for Contingent Valuation

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  • Chuan-Zhong Li

Abstract

This paper is concerned with the estimation of the binary choice model without imposing any parametric structure on the distribution of the stochastic term. We adapt the distribution-free maximum likelihood method developed by Cosslett (1983) for deriving the contingent value function with respect to observable exogenous variables. We present Monte Carlo comparisons with the probit estimates and discuss the asymptotic consistency and relative efficiency of the approach. Data from a forest environment valuation survey are used for empirical estimations.

Suggested Citation

  • Chuan-Zhong Li, 1996. "Semiparametric Estimation of the Binary Choice Model for Contingent Valuation," Land Economics, University of Wisconsin Press, vol. 72(4), pages 462-473.
    • Handle: RePEc:uwp:landec:v:72:y:1996:i:4:p:462-473
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    Cited by:

    1. Álvarez Díaz, Marcos & González Gómez, Manuel & Saavedra González, Ángeles & De Uña Álvarez, Jacobo, 2010. "On dichotomous choice contingent valuation data analysis: Semiparametric methods and Genetic Programming," Journal of Forest Economics, Elsevier, vol. 16(2), pages 145-156, April.
    2. Lindhjem, Henrik, 2007. "20 years of stated preference valuation of non-timber benefits from Fennoscandian forests: A meta-analysis," Journal of Forest Economics, Elsevier, vol. 12(4), pages 251-277, February.
    3. Erik Bergkvist & Per Johansson, 2000. "Weighted Derivative Estimation of Quantal Response Models: Simulations and Applications to Choice of Truck Freight Carrier," Computational Statistics, Springer, vol. 15(4), pages 485-510, December.
    4. Henry, Miguel & Mittelhammer, Ron & Loomis, John, 2018. "An Information-Theoretic Approach to Estimating Willingness To Pay for River Recreation Site Attributes," MPRA Paper 89842, University Library of Munich, Germany.
    5. Erik Bergkvist, 2001. "The value of time and forecasting of flowsin freight transportation," ERSA conference papers ersa01p271, European Regional Science Association.
    6. Tanya O’Garra & Susana Mourato, 2007. "Public Preferences for Hydrogen Buses: Comparing Interval Data, OLS and Quantile Regression Approaches," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 36(4), pages 389-411, April.
    7. Riccardo Scarpa, 2000. "Contingent Valuation Versus Choice Experiments: Estimating the Benefits of Environmentally Sensitive Areas in Scotland: Comment," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(1), pages 122-128, January.
    8. Silvia Ferrini & Carlo Fezzi, 2012. "Generalized Additive Models for Nonmarket Valuation via Revealed or Stated Preference Methods," Land Economics, University of Wisconsin Press, vol. 88(4), pages 782-802.
    9. Hanemann, W. Michael & Kanninen, Barbara, 1996. "The Statistical Analysis Of Discrete-Response Cv Data," CUDARE Working Papers 25022, University of California, Berkeley, Department of Agricultural and Resource Economics.
    10. Pouta, Eija & Rekola, Mika & Kuuluvainen, Jari & Li, Chuan-Zhong & Tahvonen, Olli, 2002. "Willingness to pay in different policy-planning methods: insights into respondents' decision-making processes," Ecological Economics, Elsevier, vol. 40(2), pages 295-311, February.
    11. Henry-Osorio, Miguel & Mittelhammer, Ronald C., 2012. "An Information-Theoretic Approach to Modeling Binary Choices: Estimating Willingness to Pay for Recreation Site Attributes," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 123432, Agricultural and Applied Economics Association.
    12. Huang, Ju-Chin & Nychka, Douglas W. & Smith, V. Kerry, 2008. "Semi-parametric discrete choice measures of willingness to pay," Economics Letters, Elsevier, vol. 101(1), pages 91-94, October.
    13. Arana, Jorge E. & Leon, Carmelo J., 2005. "Flexible mixture distribution modeling of dichotomous choice contingent valuation with heterogenity," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 170-188, July.
    14. Florios, Kostas & Skouras, Spyros, 2008. "Exact computation of max weighted score estimators," Journal of Econometrics, Elsevier, vol. 146(1), pages 86-91, September.

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