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Testing for Misspecification in the Referendum Contingent Valuation Approach

Author

Listed:
  • Teofilo Ozuna
  • Kee Yoon Jang
  • John R. Stoll

Abstract

Binary choice models are frequently used in the analysis of referendum contingent valuation data. Because omitted regressors, heteroskedasticity, and distribution asymmetry in these models result in inconsistent parameter estimates, it is important that misspecification tests be undertaken. In this article, conditional moment tests for these problems are presented and applied to data from two referendum contingent valuation studies. Results show that some models have misspecification problems and that these problems affect the estimation of welfare measures.

Suggested Citation

  • Teofilo Ozuna & Kee Yoon Jang & John R. Stoll, 1993. "Testing for Misspecification in the Referendum Contingent Valuation Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 332-338.
    • Handle: RePEc:oup:ajagec:v:75:y:1993:i:2:p:332-338.
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    File URL: http://hdl.handle.net/10.2307/1242917
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    Citations

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    Cited by:

    1. Pere Riera & Raúl Brey & Guillermo Gándara, 2008. "Bid design for non-parametric contingent valuation with a single bounded dichotomous choice format," Hacienda Pública Española / Review of Public Economics, IEF, vol. 186(3), pages 43-60, October.
    2. Thurow, Amy P. & Conner, J. Richard & Thurow, Thomas L. & Garriga, Matthew D., 2001. "A preliminary analysis of Texas ranchers' willingness to participate in a brush control cost-sharing program to improve off-site water yields," Ecological Economics, Elsevier, vol. 37(1), pages 139-152, April.
    3. Huang, J u-Chin & Nychka, Douglas W., 2000. "A nonparametric multiple choice method within the random utility framework," Journal of Econometrics, Elsevier, vol. 97(2), pages 207-225, August.
    4. Bente Halvorsen, 2000. "Comparing Ranking and Contingent Valuation for Valuing Human Lives, Applying Nested and Non-Nested Logit Models," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 17(1), pages 1-19, September.

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