Interval bidding in a distribution elicitation format
Interval bidding allows people to report a range of values for a non-market good. Herein, we allow people to choose their distribution over this range endogenously. We consider a multiplicative error model explaining the willingness to pay (WTP) which is estimated using a feasible generalized least squares estimator. We apply our framework to a representative sample of the French population who were asked about the valuation of a bear conservation programme. We find that most participants prefer stating their WTP as a range rather than a point, but the shape of the distribution greatly varies across people. Our results support the use of the interval bidding with endogenous distribution approach in valuation studies.
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|Date of creation:||01 Jan 2017|
|Publication status:||Published in Applied Economics, Taylor & Francis (Routledge), 2017, 49 (51)|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01576239|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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