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Improved Estimation of Willingness to Pay in Dichotomous Choice Contingent Valuation Studies

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Author Info

  • Ian H. Langford
  • Ian J. Bateman
  • Andrew P. Jones
  • Hugh D. Langford
  • Stavros Georgiou

Abstract

This paper uses recently developed statistical techniques to achieve improved parameter estimates from models of dichotomous 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.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 74 (1998)
Issue (Month): 1 ()
Pages: 65-75

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Handle: RePEc:uwp:landec:v:74:y:1998:i:1:p:65-75

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Web page: http://le.uwpress.org/

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Cited by:
  1. Brown, Katrina & Adger, W. Neil & Tompkins, Emma & Bacon, Peter & Shim, David & Young, Kathy, 2001. "Trade-off analysis for marine protected area management," Ecological Economics, Elsevier, vol. 37(3), pages 417-434, June.
  2. Steven Humphrey & Paul Mann & Chris Starmer, 2005. "Testing for feedback-conditional regret effects using a natural lottery," Discussion Papers 2005-07, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  3. Greiner, Romy & Rolfe, John, 2003. "Estimating consumer surplus and elasticity of demand of tourist visitation to a region in North Queensland using contingent valuation," 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia 57881, Australian Agricultural and Resource Economics Society.
  4. Ian Langford* & Areti Kontogianni & Mihalis Skourtos & Stavros Georgiou & Ian Bateman, 1998. "Multivariate Mixed Models for Open-Ended Contingent Valuation Data: Willingness To Pay For Conservation of Monk Seals," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(4), pages 443-456, December.
  5. Riccardo Scarpa & Susan M. Chilton & W. George Hutchinson & Joseph Buongiorno, 1999. "Valuing the Recreational Benefits From the Creation of Nature Reserves in Irish Forests," Working Papers 1999.11, Fondazione Eni Enrico Mattei.
  6. Rhee, Hae-Chun & Lee, Kyu-yong & Cho, Joonmo, 2005. "Liberalizing employment of foreign workers in Korea: Public perception and assessment," Journal of Policy Modeling, Elsevier, vol. 27(8), pages 971-987, November.
  7. Bateman, Ian J. & Langford, Ian H. & Jones, Andrew P. & Kerr, Geoffrey N., 2001. "Bound and path effects in double and triple bounded dichotomous choice contingent valuation," Resource and Energy Economics, Elsevier, vol. 23(3), pages 191-213, July.

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