A comparison of empirical models used to infer the willingness to pay in contingent valuation |
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Authors: | Aurelia Bengochea-Morancho Ana Ma Fuertes-Eugenio Salvador del Saz-Salazar |
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Affiliation: | (1) Department of Economics, Universitat Jaume I, Campus del Riu Sec, 12071 Castellón, Spain;(2) Department of Applied Economics II, Universitat de València, Avda. dels Tarongers s/n, 46022 Valéncia, Spain |
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Abstract: | The essence of the contingent valuation method consists of creating a hypothetical market where respondents are asked about their willingness to pay (WTP) for a non-market good. Different empirical models can be formulated to estimate the expected WTP of a sample of respondents and, then, through aggregation, the social valuation of the good is inferred.This paper outlines the relevance of the distributional assumptions when estimating mean WTP. Several parametric and non-parametric methods are discussed and applied to calculate the existence value of a natural space. Results show that WTP is extremely sensitive to the empirical model used.First version received: November 2002 / Final version received: January 2004 |
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Keywords: | Contingent valuation empirical models willingness to pay estimation environmental goods assessment |
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