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Modeling Elicitation effects in contingent valuation studies: a Monte Carlo Analysis of the bivariate approach

Genius, Margarita - Strazzera, Elisabetta (2005) Modeling Elicitation effects in contingent valuation studies: a Monte Carlo Analysis of the bivariate approach. Working Paper. CRENoS.

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Official URL: http://www.crenos.it/working/pdf/05-02.pdf

Abstract

A Monte Carlo analysis is conducted to assess the validity of the bivariate modeling approach for detection and correction of different forms of elicitation effects in Double Bound Contingent Valuation data. Alternative univariate and bivariate models are applied to several simulated data sets, each one characterized by a specific elicitation effect, and their performance is assessed using standard selection criteria. The bivariate models include the standard Bivariate Probit model, and an alternative specification, based on the Copula approach to multivariate modeling, which is shown to be useful in cases where the hypothesis of normality of the joint distribution is not supported by the data. It is found that the bivariate approach can effectively correct elicitation effects while maintaining an adequate level of efficiency in the estimation of the parameters of interest.

Item Type:Technical Report / Working Paper / Project Report (Working Paper)
Publisher:CRENoS
Date:2005
Institution:Universita' degli Studi di Cagliari
Divisions:Centri > CRENoS Centro Ricerche Economiche Nord Sud
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/05 Econometria
Uncontrolled Keywords:Double Bound, Elicitation effects, Bivariate models, Probit, Joe Copula
ID Code:255
Deposited On:10 Nov 2008 11:23

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