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A Mixture Model of Willingness to Pay Distributions

Mark An () and Roberto Ayala ()

No 95-21, Working Papers from Duke University, Department of Economics

Abstract: 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.

JEL-codes: C25 C51 Q26 (search for similar items in EconPapers)
Date: 1995
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Working Paper: A Mixture Model of Willingness to Pay Distributions (1996) Downloads
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