Modelling winners and losers in contingent valuation of public goods : appropriate welfare measures and econometric analysis.
|Title:||Modelling winners and losers in contingent valuation of public goods : appropriate welfare measures and econometric analysis.||Authors:||Clinch, J. Peter; Murphy, Anthony||Permanent link:||http://hdl.handle.net/10197/3044||Date:||Aug-1998||Online since:||2011-07-25T14:12:36Z||Abstract:||Contingent Valuation is now the most widely used method for valuing non-marketed goods in cost benefit analysis. Yet, despite the fact that many externalities manifest themselves as costs to some and benefits to others, most studies restrict willingness to pay (WTP) to being non-negative. This paper explores appropriate welfare measures for assessing losses and gains and demonstrates how these can be elicited explicitly. Statistical / econometric methods are presented for modelling such responses. Median WTP is estimated non-parametrically. Grouped regression / Tobit and grouped regression / hurdle models are used to identify the determinants of WTP and to estimate mean WTP.||Funding Details:||Not applicable||Type of material:||Working Paper||Publisher:||University College Dublin. School of Economics||Series/Report no.:||UCD Centre for Economic Research Working Paper Series; WP98/12||Keywords:||Contingent valuation; Public good; Externality; Public bad; Welfare measures; Cost benefit analysis; Non-parametric distribution; Hurdle model; Tobit||metadata.dc.subject.classification:||C24; H41; Q26||Subject LCSH:||Contingent valuation
Public goods--Econometric models
|Language:||en||Status of Item:||Not peer reviewed|
|Appears in Collections:||Economics Working Papers & Policy Papers|
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