A Mixture Model of Willingness to Pay Distributions
In this paper we propose a mixture model of willingness to pay distributions for contingent valuation studies. By allowing a point mass at zero, this model nests the conventional model as a special case. We discuss both parametric and non- parametric estimations of the mixture model. We consider estimation under two different data information settings for a double bounded dichotomous choice format. The implications of the mixture model in the estimation of the mean and the median of the distribution are presented.
(This abstract was borrowed from another version of this item.)
|Date of creation:||17 Nov 1996|
|Note:||Type of Document - ; prepared on UNIX Sparc TeX; to print on PostScript; pages: 30 ; figures: request from author. We never published this piece and now we would like to reduce our mailing and xerox cost by posting it.|
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References listed on IDEAS
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- Hanemann, W. Michael, 1985. "Some Issues In Continuous - And Discrete - Response Contingent Valuation Studies," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 14(1), April.
- Mark Yuying An & Roberto Ayala, 1996.
"Nonparametric Estimation of a Survivor Function with Across- Interval-Censored Data,"
- An, Mark Yuying & Ayala, Roberto A., 1996. "Nonparametric Estimation of a Survivor Function with Across-Interval-Censored Data," Working Papers 96-02, Duke University, Department of Economics.
- An, Mark Y. & Roberto Ayala, 1995. "A Mixture Model of Willingness to Pay Distributions," Working Papers 95-21, Duke University, Department of Economics.
- Mark Yuying An & Roberto Ayala, 1996. "A Mixture Model of Willingness to Pay Distributions," Econometrics 9611002, EconWPA.
- Smith, V. Kerry, 1985. "Some Issues In Discrete Response Contingent Valuation Studies," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 14(1), April.
- Daniel McFadden, 1994. "Contingent Valuation and Social Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(4), pages 689-708.
- Richard C. Bishop & Thomas A. Heberlein, 1979. "Measuring Values of Extramarket Goods: Are Indirect Measures Biased?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 926-930. Full references (including those not matched with items on IDEAS)
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