Although contingent valuation (CV) is one of the main sources of willingness-to-pay (WTP) estimates of environmental goods, little guidance exists regarding parametric approaches to modeling CV data, which could reliably estimate WTP values based on preferences stated in binary choice, payment card, and open-ended questions, among others. Studies that use parametric models of WTP often select a specification from a limited set of commonly used distributions. To improve the reliability of parametric modeling of CV-based welfare estimates, we propose adopting a more flexible approach that considers a broad range of specifications with varying parametric distributions. We demonstrate the advantages of the proposed approach using data sets from two large CV studies: the eutrophication reduction valuation study for the Baltic Sea Action Plan and the Deepwater Horizon natural resource damage assessment. We find that the best parametric specifications that fit the data differ across the two case studies. Moreover, these optimal specifications do not always align with most commonly used distributions. We further observe non-negligible differences in welfare estimates across the specifications. Our results provide tentative evidence that the variation in the estimates is lower when betterfitting specifications are considered. These findings emphasize the need for cautiously identifying the distribution best fitting to the data. Focusing on the best-fitting parametric specifications, we provide alternative WTP value estimates for the two empirical cases studied.
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Kyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South KoreaKyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South Korea
Ji, Shuyun
Choi, Youngjoon
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Hong Kong Polytech Univ, Sch Hotel & Tourism Management, Kowloon, Hong Kong, Peoples R ChinaKyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South Korea
Choi, Youngjoon
Lee, Choong-Ki
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Kyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South KoreaKyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South Korea
Lee, Choong-Ki
Mjelde, James W.
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Texas A&M Univ, Dept Agr Econ, College Stn, TX 77843 USAKyung Hee Univ, Coll Hotel & Tourism Management, 26 Kyungheedae Ro, Seoul 02447, South Korea
机构:
Economics Department, University of Wisconsin-Whitewater, 800 W. Main St, Whitewater, 53190, WIEconomics Department, University of Wisconsin-Whitewater, 800 W. Main St, Whitewater, 53190, WI
Winden M.
Jamelske E.
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Economics Department, University of Wisconsin-Eau Claire, Eau Claire, WIEconomics Department, University of Wisconsin-Whitewater, 800 W. Main St, Whitewater, 53190, WI
Jamelske E.
Tvinnereim E.
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Uni Research Rokkan Center, BergenEconomics Department, University of Wisconsin-Whitewater, 800 W. Main St, Whitewater, 53190, WI
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Univ Wisconsin, Robert M La Follette Sch Publ Affairs, Madison, WI 53706 USAUniv Wisconsin, Robert M La Follette Sch Publ Affairs, Madison, WI 53706 USA
Weimer, David L.
Vining, Aidan R.
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Simon Fraser Univ, Vancouver, BC, CanadaUniv Wisconsin, Robert M La Follette Sch Publ Affairs, Madison, WI 53706 USA
Vining, Aidan R.
Thomas, Randall K.
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Harris Interact, Rochester, NY USAUniv Wisconsin, Robert M La Follette Sch Publ Affairs, Madison, WI 53706 USA
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Mississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
Univ Missouri, Sch Nat Resources, Columbia, MO 65211 USAMississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
Dahal, Ram P.
Grala, Robert K.
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Mississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USAMississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
Grala, Robert K.
Gordon, Jason S.
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Mississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USAMississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
Gordon, Jason S.
Petrolia, Daniel R.
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Mississippi State Univ, Dept Agr Econ, Box 5187, Mississippi State, MS 39762 USAMississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
Petrolia, Daniel R.
Munn, Ian A.
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Mississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USAMississippi State Univ, Dept Forestry, Box 9681, Mississippi State, MS 39762 USA
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Mt Fuji Res Inst Yamanashi Prefectural Govt, Div Human Environm Sci, 5597-1 Kenmarubi, Fujiyoshida, Yamanashi 4030005, JapanMt Fuji Res Inst Yamanashi Prefectural Govt, Div Human Environm Sci, 5597-1 Kenmarubi, Fujiyoshida, Yamanashi 4030005, Japan
Fujino, Masaya
Kuriyama, Koichi
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Kyoto Univ, Grad Sch Agr, Kyoto, JapanMt Fuji Res Inst Yamanashi Prefectural Govt, Div Human Environm Sci, 5597-1 Kenmarubi, Fujiyoshida, Yamanashi 4030005, Japan