Realism Versus Statistical Efficiency: A Note on Contingent Valuation with Follow-up Queries
This paper shows that we can improve the statistical efficiency of dichotomous choice contingent valuation surveys by asking a second open question (anchored open-ended approach) instead of the traditional double-bounded approach. The former approach is shown to be more efficient than conventional single and double-bounded approaches using a Monte Carlo experiment, even when we allow for strategic behavior from respondents such as protest votes and yea-saying behavior. Copyright International Atlantic Economic Society 2007
Volume (Year): 35 (2007)
Issue (Month): 4 (December)
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