Modelling contingent valuation iterated elicitation data with an MCMC approach
The valuation of non-market goods involves iterated elicitation questions which obtain more information from the sample respondents and lead to more efficient welfare estimates. In this paper we consider the improvements which could be obtained by utilising a Bayesian MCMC approach to model this type of data. A fully informative prior resulting from previous stages is compared with a flat non-informative prior utilising both simulated and empirical data. These priors are combined with data in each stage to form the posteriors which are simulated with Gibbs sampling algorithms. The models are applied to an elicitation tree involving two successive dichotomous choice questions followed by an open-ended question. Monte Carlo simulations show that taking into account the information process implicit in successive elicitation improves the performance of the results at each stage and increases efficiency. Thus, the model allows the researcher to consider the evolving process along the elicitation tree, while increasing useful information obtained from the individual.
Volume (Year): 177 (2006)
Issue (Month): 2 (April)
|Contact details of provider:|| Postal: |
Web page: http://www.ief.es
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September.
- Trudy Ann Cameron & John Quiggin, 1992.
"Estimation Using Contingent Valuation Data From a "Dichotomous Choice with Follow-Up" Questionnaire,"
UCLA Economics Working Papers
653, UCLA Department of Economics.
- Cameron Trudy Ann & Quiggin John, 1994. "Estimation Using Contingent Valuation Data from a Dichotomous Choice with Follow-Up Questionnaire," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 218-234, November.
- Cooper Joseph C., 1993. "Optimal Bid Selection for Dichotomous Choice Contingent Valuation Surveys," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 25-40, January.
- Herriges, Joseph A. & Shogren, Jason F., 1996.
"Starting Point Bias in Dichotomous Choice Valuation with Follow-Up Questioning,"
Staff General Research Papers
1501, Iowa State University, Department of Economics.
- Herriges, Joseph A. & Shogren, Jason F., 1996. "Starting Point Bias in Dichotomous Choice Valuation with Follow-Up Questioning," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 112-131, January.
- 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.
- Ian Langford & Ian Bateman & Hugh Langford, 1996. "A multilevel modelling approach to triple-bounded dichotomous choice contingent valuation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 7(3), pages 197-211, April.
- C. J. Leon & F. J. Vazquez-Polo & N. Guerra & P. Riera, 2002. "A Bayesian model for benefit transfer: application to national parks in Spain," Applied Economics, Taylor & Francis Journals, vol. 34(6), pages 749-757.
- Chib, Siddhartha, 1992. "Bayes inference in the Tobit censored regression model," Journal of Econometrics, Elsevier, vol. 51(1-2), pages 79-99.
- 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.
When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2006:v:177:i:2:p:83-105. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ana Belén Miquel Burgos)
If references are entirely missing, you can add them using this form.