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Bias and Efficiency of Single vs Double Bound Models for Contingent Valuation Studies.A Monte Carlo Analysis

  • Pinuccia Calia

    (Department of Economics, University of Cagliari)

  • Elisabetta Strazzera

    (DRES and CRENoS, University of Cagliari)

The Dichotomous Choice Contingent Valuation Method can be used either in the single or double bound formulation. The former is easier to implement, while the latter is known to be more efficient. We analyse the bias of the ML estimates produced by either model, and the gain in efficiency associated to the double bound model, in different experimental settings. We find that there are no relevant differences in point estimates given by the two models, even for small sample size, and no estimator can be said to be less biased than the other. The greater efficiency of the double bound is confirmed, although differences tend to reduce by increasing the sample size. Provided that a reliable pre-test is conducted, and the sample size is large, use of the single rather than the double bound model is warranted.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 1999.10.

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Date of creation: Jan 1999
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Handle: RePEc:fem:femwpa:1999.10
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  1. 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.
  2. Jeffrey L. Jordan & Abdelmoneim H. Elnagheeb, 1994. "Consequences of Using Different Question Formats in Contingent Valuation: A Monte Carlo Study," Land Economics, University of Wisconsin Press, vol. 70(1), pages 97-110.
  3. Whittington, Dale & Smith, V. Kerry & Okorafor, Apia & Okore, Augustine & Liu, Jin Long & McPhail, Alexander, 1992. "Giving respondents time to think in contingent valuation studies: A developing country application," Journal of Environmental Economics and Management, Elsevier, vol. 22(3), pages 205-225, May.
  4. Kanninen Barbara J., 1995. "Bias in Discrete Response Contingent Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 28(1), pages 114-125, January.
  5. Carmelo Javier León, 1995. "El método dicotómico de valoración contingente: una aplicación a los espacios naturales en Gran Canaria," Investigaciones Economicas, Fundación SEPI, vol. 19(1), pages 83-106, January.
  6. Joseph C. Cooper, 1994. "A Comparison of Approaches to Calculating Confidence Intervals for Benefit Measures from Dichotomous Choice Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 70(1), pages 111-122.
  7. 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.
  8. 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.
  9. Alberini Anna, 1995. "Efficiency vs Bias of Willingness-to-Pay Estimates: Bivariate and Interval-Data Models," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 169-180, September.
  10. 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.
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