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Allowing for Zeros in Dichotomous-Choice Contingent-Valuation Models

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  • Werner, Megan

Abstract

Dichotomous-choice contingent-valuation data are modeled using a mixture distribution. The standard parametric survival model is modified such that respondents in the lowest willingness-to-pay category may have either zero willingness to pay or a small positive willingness to pay. In comparison to the standard model, the mixture model leads to a dramatic reduction in estimates of mean willingness to pay. Covariates such as income are found to be more significant in determining the positive portion of the distribution of willingness to pay.

Suggested Citation

  • Werner, Megan, 1999. "Allowing for Zeros in Dichotomous-Choice Contingent-Valuation Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(4), pages 479-486, October.
    • Handle: RePEc:bes:jnlbes:v:17:y:1999:i:4:p:479-86
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