Standard procedures for extracting willingness-to-pay (WTP) from dichotomous choice CV questionnaires rely heavily upon parametric assumptions regarding the distribution and form of WTP in the sampled population. However, theory provides little guidance regarding which parametric specification to use and the resulting WTP estimates can be sensitive to the selections made. Here we compare and contrast several parametric and semi-nonparametric estimators that have been proposed in the literature, examining the sensitivity of the resulting WTP estimates to the underlying distribution of preferences and the estimation procedure employed.
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
11156.
Length: Date of creation: 09 Dec 2003 Date of revision: Publication status: Published in Environmental and Resource Economics, 2004, Vol. 27, No. 4, pp. 451-480. Handle: RePEc:isu:genres:11156
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Find related papers by JEL classification: Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics