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Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys
Trudy Ann Cameron and Michelle D. James
The Review of Economics and Statistics
Vol. 69, No. 2 (May, 1987), pp. 269-276
Published by: The MIT Press
Stable URL: http://www.jstor.org/stable/1927234
Page Count: 8
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"Closed-ended contingent valuation" surveys can be very useful in the evaluation of non-market resources. Respondents merely state whether they would accept or reject a hypothetical threshold amount, either as payment for giving up access to the resource, or as a fee for its use. We develop a maximum likelihood procedure which exploits the variation in the threshold values to allow direct and separate point estimates of regression-like slope coefficients and error standard deviations (without truncation bias). Our illustration uses data from a survey of recreational fishermen to examine factors which influence individuals' willingness-to-pay.
The Review of Economics and Statistics © 1987 The MIT Press