Referendum Models and Economic Values: Theoretical, Intuitive, and Practical Bounds on Willingness to Pay

摘要: Innovations in the estimation of referendum type contingent valuation models have led to willingness-to-pay (WTP) measures inconsistent with consumer preferences and unbounded from above or below. We propose a set criteria which guarantee bounded measure WTP. The reject traditional random utility model unrestricted error terms favor WTP bounds on Once is by zero income, form distribution less consequential. A new for developed based beta compared previously estimated models.