Obtaining welfare bounds in discrete-response valuation studies : A non-parametric approach

• Welfare change estimates obtained from discrete-response contingent valuation experiments normally assume a particular distribution of willingness-to-pay (WTP). Using conventional microeconomy theory, we derive upper and lower bounds on such  estimates. These bounds are interpreted statistically in terms of non-parametric estimators of mean WTP and its variance. Two contingent valuation surveys illustrate the proposed bounds, and the performances of the variance estimators are scrutinized with a Monte Carlo simulation. All calculations can be made by hand, .simplifying communication among those involved in interpreting results from contingent valuation studies using discrete-response data. [ABSTRACT FROM AUTHOR]

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Economics (hsv//eng)

Nyckelord

Economics

nationalekonomi

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