Efficient Estimation Methods for "Closed-ended' Contingent Valuation Surveys

Trudy Ann Cameron () and Michelle D James

The Review of Economics and Statistics, 1987, vol. 69, issue 2, pages 269-76

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. Copyright 1987 by MIT Press.

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Working Paper: Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys (1986)
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