Obtaining welfare bounds in discrete-response valuation studies: A non-parametric approach
1999 (English)In: Land Economics, ISSN 0023-7639, E-ISSN 1543-8325, Vol. 75, no 2, 284-294 p.Article in journal (Refereed) Published
Welfare change estimates obtained from discrete-response contingent valuation experiments normally assume a particular distribution of willingness-to-pay (WTP). Using conventional microeconomy theory, we derive upper and lower bounds on such estimates. These bounds are interpreted statistically in terms of non-parametric estimators of mean WTP and its variance. Two contingent valuation surveys illustrate the proposed bounds, and the performances of the variance estimators are scrutinized with a Monte Carlo simulation. All calculations can be made by hand, .simplifying communication among those involved in interpreting results from contingent valuation studies using discrete-response data. [ABSTRACT FROM AUTHOR]
Place, publisher, year, edition, pages
University of Wisconsin Press, 1999. Vol. 75, no 2, 284-294 p.
Research subject Economics
IdentifiersURN: urn:nbn:se:umu:diva-64356OAI: oai:DiVA.org:umu-64356DiVA: diva2:600436