A Mixture Model of Willingness to Pay Distributions
Preprint
- 1 June 1996
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
In this paper we propose a mixture model of willingness to pay distributions for contingent valuation studies. By allowing a point mass at zero, this model nests the conventional model as a special case. We discuss both parametric and nonparametric estimations of the mixture model. We consider estimation under two different data information settings for a double bounded dichotomous choice format. The implications of the mixture model in the estimation of the mean and the median of the distribution are presented.Keywords
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