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Precision of dichotomous choice contingent valuation welfare measures: some simulation results

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  • Ju-Chin Huang

Abstract

The purpose of this research is to examine the roles of individuals' heterogeneous economic factors and model misspecification in dichotomous choice contingent valuation welfare measurement. Willingness to pay for an improvement of environmental quality is studied. Simulation results indicate that the precision of welfare estimates increases with individuals' income levels and decreases with the price of the quality-related good. The dependence of the consumption of the quality-related good on the environmental quality also affects the reliability of welfare estimates.

Suggested Citation

  • Ju-Chin Huang, 2001. "Precision of dichotomous choice contingent valuation welfare measures: some simulation results," Applied Economics, Taylor & Francis Journals, vol. 33(1), pages 91-101.
    • Handle: RePEc:taf:applec:v:33:y:2001:i:1:p:91-101
    DOI: 10.1080/00036840122344
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    1. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
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