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A Comparison of Contingent Preference Models
Author(s) -
Mackenzie John
Publication year - 1993
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1243566
Subject(s) - contingent valuation , willingness to pay , respondent , paired comparison , preference , referendum , economics , econometrics , preference elicitation , ranking (information retrieval) , statistics , microeconomics , mathematics , computer science , machine learning , politics , political science , law
I compare the informational efficiencies of contingent rating, contingent ranking, and two contingent paired‐comparison methods as alternatives to the referendum contingent valuation method. The contingent rating method is hypothesized to be most efficient because ratings convey information on preference intensities and can uniquely represent respondent indifference or ambivalence. Survey data on hunters' ratings of alternative hypothetical hunting trips are used to estimate four alternative indirect utility models from which marginal willingness‐to‐pay measures for individual trip attributes are derived. Model comparison, WTP estimates, and their confidence intervals confirm the relative efficiency of the contingent rating approach.