A Mixture Model of Willingness to Pay Distributions
Mark An () and
Roberto Ayala ()
No 95-21, Working Papers from Duke University, Department of Economics
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)
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Working Paper: A Mixture Model of Willingness to Pay Distributions (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:duk:dukeec:95-21
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