Welfare evaluations in contingent valuation experiments with discrete responses

Research output: Contribution to journalArticle

1441 Scopus citations

Abstract

Since the work of Bishop and Heberlein, a number of contingent valuation experiments have appeared involving discrete responses which are analyzed by logit or similar techniques. This paper addresses the issues of how the logit models should be formulated to be consistent with the hypothesis of utility maximization and how measures of compensating and equivalent surplus should be derived from the fitted models. Two distinct types of welfare measures are introduced and then estimated from Bishop and Heberlein's data.

Original languageEnglish (US)
Pages (from-to)332-341
Number of pages10
JournalAmerican Journal of Agricultural Economics
Volume66
Issue number3
DOIs
StatePublished - Aug 1984
Externally publishedYes

Keywords

  • Compensating surplus
  • Contingent valuation
  • Equivalent surplus
  • Logit
  • Outdoor recreation benefits
  • Probit

ASJC Scopus subject areas

  • Agricultural and Biological Sciences (miscellaneous)
  • Economics and Econometrics

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