The Review of Economics and Statistics Vol. 69 No. 2 1987
Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys
Abstract
Closed-ended contingent valuation surveys can be very useful in the evaluation of nonmarket resources. Respondents merely state whether they would accept or reject a hypothetical threshold amount, either as payment for giving up access to the resource or as a fee for its use. The authors develop a maximum likelihood procedure which exploits the variation in the threshold values to allow direct and separate point estimates of regression-like slope coefficients and error standard deviations (without truncation bias). Their illustration uses data from a survey of recreational fisherman to examine factors which influence individuals' willingness-to-pay.
- DOI
- 10.2307/1927234
- Volume
- 69
- Issue
- 2
- Pages
- 269
- Sources
- openalex crossref