Model Selection in Iterative Valuation Questions

Emmanuel Flachaire and Guillaume Hollard

Revue d'économie politique, 2007, vol. 117, issue 5, 853-865

Abstract: In this article, we propose a unified framework that accomodates many of the existing models for dichotomous choice contingent valuation with follow-up and allows to discriminate between them by simple parametric tests of hypothese. Our empirical results show that the Range model, developped in Flachaire and Hollard [2007], outperforms other standard models and confirms that, when uncertain, respondents tend to accept proposed bids.

Keywords: starting point bias; preference uncertainty; contingent valuation (search for similar items in EconPapers)
Date: 2007
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Working Paper: Model selection in iterative valuation questions (2007)
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