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Fat tails and truncated bids in contingent valuation: An application to an endangered shorebird species

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  • Parsons, George R.
  • Myers, Kelley

Abstract

A yes-response function in a contingent valuation study is said to have fat tails if it has a high and slowly declining yes-response rate at high bid levels. Truncated bids refer to the practice of dropping high bid offers before a yes-response rate of near zero is reached. This is a common practice in contingent valuation. We explore the extent and implications of fat tails and truncated bids in a study of an endangered shorebird species. We find, among other things, that mean willingness to pay is quite sensitive to the highest bid offered – so much so that the choice of highest bid nearly dictates outcomes.

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  • Parsons, George R. & Myers, Kelley, 2016. "Fat tails and truncated bids in contingent valuation: An application to an endangered shorebird species," Ecological Economics, Elsevier, vol. 129(C), pages 210-219.
  • Handle: RePEc:eee:ecolec:v:129:y:2016:i:c:p:210-219
    DOI: 10.1016/j.ecolecon.2016.06.010
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    1. Ho-Young Kim & So-Yeon Park & Seung-Hoon Yoo, 2016. "Public Acceptability of Introducing a Biogas Mandate in Korea: A Contingent Valuation Study," Sustainability, MDPI, Open Access Journal, vol. 8(11), pages 1-16, October.
    2. John C. Whitehead, "undated". "A Comment on “An Adding Up Test on Contingent Valuations of River and Lake Quality”," Working Papers 17-01_R, Department of Economics, Appalachian State University.
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