Interval bidding in a distribution elicitation format

Pierre-Alexandre Mahieu, François-Charles Wolff, Jason Shogren and Pascal Gastineau

Applied Economics, 2017, vol. 49, issue 51, 5200-5211

Abstract: 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.

Date: 2017
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Working Paper: Interval bidding in a distribution elicitation format (2017)
Working Paper: Interval Bidding in a Distribution Elicitation Format (2014)
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DOI: 10.1080/00036846.2017.1302065

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