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Title: Bayesian analysis of interval data contingent valuation models and pricing policies
Authors: Fernández, Carmen
León González, Carmelo Javier 
Steel, Mark F J
Vázquez-Polo, Francisco José 
Keywords: Willingness-To-Pay
Values, et al
Issue Date: 2004
Publisher: 0735-0015
Journal: Journal of Business and Economic Statistics 
Abstract: The general aim of a contingent valuation survey is to elicit the willingness to pay (WTP) of respondents for some (public) commodity without a clear market price. This could be a program to protect some environmental resource or, as in our application, the access to a recreational area of particular interest. In this context, we want to accommodate the possibility of zero WTP and we need to deal with the fact that observations arise as intervals for WTP, rather than point observations. We propose a flexible Bayesian statistical analysis of WTP as a function of characteristics of the respondents that formally incorporates this structure through a mixture model. We consider model uncertainty and pay particular attention to the predictive distribution of revenue if a certain entry price were asked. The latter is an important toot for deriving pricing policies.
ISSN: 0735-0015
DOI: 10.1198/073500104000000415
Source: Journal of Business and Economic Statistics[ISSN 0735-0015],v. 22, p. 431-442
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