An investigation of preference uncertainty in the contingent valuation study

Jeong In Chang, Seung Hoon Yoo, Seung Jun Kwak

Research output: Contribution to journalArticle

14 Citations (Scopus)

Abstract

This study investigates the respondents' preference uncertainty in the dichotomous choice (DC) contingent valuation study for gathering information on willingness to pay (WTP). To this end, we use polychotomous choice (PC) question and DC question with certainty level for two split samples. We find that incorporating preference uncertainty has a significant effect on the WTP estimates and, more importantly, the DC question with certainty level produces more efficient WTP estimate than the PC question.

Original languageEnglish
Pages (from-to)691-695
Number of pages5
JournalApplied Economics Letters
Volume14
Issue number9
DOIs
Publication statusPublished - 2007 Jul

ASJC Scopus subject areas

  • Economics and Econometrics

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