A note on consistent estimation of mean WTP using a misspecified logit contingent valuation model

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Abstract

Monte Carlo evidence has shown that simple, misspecified referendum contingent valuation (CV) models sometimes lead to good estimates of mean willingness to pay (WTP). Empirical studies have found that estimates on mean WTP derived from simple parametric models often differ little from those derived from nonparametric methods. This indicates that simple models can potentially yield WTP estimators that are relatively unbiased. This note shows that very simple logit referendum CV models will estimate WTP consistently if the survey bids are drawn randomly from a uniform distribution.
Original languageEnglish
Pages (from-to)277-284
JournalJournal of Environmental Economics and Management
Volume35
DOIs
Publication statusPublished - 1 Jan 1998

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