Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys
Abstract"Closed-ended contingent valuation" surveys can be very useful in the evaluation of nonmarket resources. Respondents merely state whether they would accept or reject a hypothetical threshold amount, either as payment for giving up access to the resource or as a fee for its use. The authors develop a maximum likelihood procedure which exploits the variation in the threshold values to allow direct and separate point estimates of regression-like slope coefficients and error standard deviations (without truncation bias). Their illustration uses data from a survey of recreational fisherman to examine factors which influence individuals' willingness-to-pay. Copyright 1987 by MIT Press.
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Bibliographic InfoPaper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 404.
Date of creation: 01 Jun 1986
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Web page: http://www.econ.ucla.edu/
Other versions of this item:
- Cameron, Trudy Ann & James, Michelle D, 1987. "Efficient Estimation Methods for "Closed-ended' Contingent Valuation Surveys," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 269-76, May.
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- Burt, Oscar R & Brewer, Durward, 1971. "Estimation of Net Social Benefits from Outdoor Recreation," Econometrica, Econometric Society, vol. 39(5), pages 813-27, September.
- Lerman, Steven R. & Kern, Clifford R., 1983. "Hedonic theory, bid rents, and willingness-to-pay: Some extensions of Ellickson's results," Journal of Urban Economics, Elsevier, vol. 13(3), pages 358-363, May.
- Kevin J. Boyle & Richard C. Bishop & Michael P. Welsh, 1985. "Starting Point Bias in Contingent Valuation Bidding Games," Land Economics, University of Wisconsin Press, vol. 62(2), pages 188-194.
- Trudy Ann Cameron & Michelle D. James, 1986. "The Determinants of Value for a Recreational Fishing Day: Estimates from a Contingent Valuation Survey," UCLA Economics Working Papers 405, UCLA Department of Economics.
- Cicchetti, Charles J & Fisher, Anthony C & Smith, V Kerry, 1976. "An Econometric Evaluation of a Generalized Consumer Surplus Measure: The Mineral King Controversy," Econometrica, Econometric Society, vol. 44(6), pages 1259-76, November.
RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method > Question format and econometric issues
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