Bootstrap estimation of willingness to pay in contingent valuation models: Analysis of the scenario of balanced binary responses
DOI:
https://doi.org/10.15381/pes.v20i1.13749Keywords:
willingness to pay, bootstrap, logit model, contingent valuationAbstract
This research aims to show the application of the bootstrap method in the process of estimating the willingness to pay (WTP) for a determined environmental service, using the binary choice model for contingent valuation. The main contribution of the research, is the inclusion of an additional criterion in the bootstrap process, in which samples are randomly selected containing balanced values in the dependent dichotomous variable. For illustrative purposes, it is used the data base from the Postigo (2011) study, in order to estimate the mean, standard error and the confidence interval of the WTP through de bootstrap method. In comparison of the results obtained in the baseline scenario, if the bootstrap method with balanced subsamples is applied, it would be obtained logit coefficients with greater statistical significance and also lower mean and standard error of the WTP.
Downloads
Published
Issue
Section
License
Copyright (c) 2017 Luis Ledesma Goyzueta, Antonio Bravo Quiroz
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
THE AUTHORS RETAIN THEIR RIGHTS:
a) The authors retain their trademark and patent rights, and also on any process or procedure described in the article.
b) The authors retain the right to share, copy, distribute, execute and publicly communicate the article published in Pesquimat magazine (for example, place it in an institutional repository or publish it in a book), with recognition of its initial publication in the Pesquimat magazine.
c) The authors retain the right to make a later publication of their work, to use the article or any part of it (for example: a compilation of their works, notes for conferences, thesis, or for a book), provided that they indicate the source of publication (authors of the work, magazine, volume, number and date).
