Fat tails and truncated bids in contingent valuation: An application to an endangered shorebird species

Parsons, George R.; Myers, Kelley

doi:10.1016/j.ecolecon.2016.06.010

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Fat tails and truncated bids in contingent valuation: An application to an endangered shorebird species

2016
By Parsons, George R. ; Myers, Kelley
Source: Ecological Economics, 129, 210-219

[PDF-1.46 MB]

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Journal Title:

Ecological Economics
Personal Author:

Parsons, George R. ; Myers, Kelley

Parsons, George R. ; Myers, Kelley Less -
NOAA Program & Office:

OAR (Oceanic and Atmospheric Research)
Description:

A yes-response function in a contingent valuation study is said to have fat tails if it has a high and slowly declining yes-response rate at high bid levels. Truncated bids refer to the practice of dropping high bid offers before a yes-response rate of near zero is reached. This is a common practice in contingent valuation. We explore the extent and implications of fat tails and truncated bids in a study of an endangered shorebird species. We find, among other things, that mean willingness to pay is quite sensitive to the highest bid offered – so much so that the choice of highest bid nearly dictates outcomes.
Keywords:

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Economics And Econometrics General Environmental Science
Source:

Ecological Economics, 129, 210-219
DOI:

https://doi.org/10.1016/j.ecolecon.2016.06.010
ISSN:

0921-8009
Format:

PDF
Publisher:

Elsevier BV
Document Type:

Journal Article
Funding:

Grant no. NA05OAR4171041 ; Grant no. NA10OAR4170084

Grant no. NA05OAR4171041 ; Grant no. NA10OAR4170084 Less -
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Accepted Manuscript
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urn:sha256:41a1c29e24bf3747f1ac1b756696afa6c8a96d21cd26484c3b7817168638d4aa
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https://repository.library.noaa.gov/view/noaa/57854/noaa_57854_DS1.pdf
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Fat tails and truncated bids in contingent valuation: An application to an endangered shorebird species

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