What question did this study set out to answer?

To develop an efficient maximum likelihood estimation procedure for closed-ended contingent valuation surveys that evaluate nonmarket resources.

May 1, 1987The Review of Economics and Statistics

Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys

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Authors

TCTrudy Ann CameronNova Management (United States)MJMichelle D. JamesQueen's University Belfast

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Implication

Methodological study demonstrates efficient maximum likelihood estimation of willingness to pay in recreational anglers, implying improved valuation of nonmarket resources without bias.

Key Points

To develop an efficient maximum likelihood estimation procedure for closed-ended contingent valuation surveys that evaluate nonmarket resources.
Formulated a maximum likelihood procedure that utilizes variation in hypothetical threshold amounts to derive direct, separate point estimates of regression slopes and error standard deviations.
Applied the estimation model to survey data from recreational fishermen to assess determinants of willingness-to-pay.
Achieved direct point estimation of slope coefficients and error standard deviations without encountering truncation bias.
Quantified the relationship between individual characteristics and willingness-to-pay for access to recreational fishery resources.

Cite This Study

Cameron et al. (1987) studied this question.

synapsesocial.com/papers/69da7fdc0f0ab7a47c835876 https://doi.org/10.2307/1927234

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Implication

Methodological study demonstrates efficient maximum likelihood estimation of willingness to pay in recreational anglers, implying improved valuation of nonmarket resources without bias.

Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys

Discussion

Member takes

Implication

Key Points

Cite This Study

Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys

Discussion

Member takes

Implication

Key Points

Cite This Study

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