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| Loomis, John B.; Gonzalez-Sepulveda, Juan Marcos; Gonzalez-Caban, Armando. |
| The purpose of this paper is to address a problem that may arise with the assumption of a continuous spatial market in the TCM model. We find that this assumption can be challenged by geographical limitations that an area of study might have. Particularly for islands (or isolated island-like areas) that have a valuable non-market resource or good, the spatial market characteristic of the TCM model might be limited or truncated. The geographical truncation limits the observed maximum travel cost of the demand curve falsely implying a lower WTP than otherwise. The study uses a dichotomous choice CVM to confirm that the resulting demand schedules from the TCM underestimates WTP for day trips to the Caribbean National Forest in Puerto Rico. This results in a... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2007 |
URL: http://purl.umn.edu/9088 |
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| Gonzalez-Sepulveda, Juan Marcos; Loomis, John B.. |
| The problem of endogenous stratification associated with on-site sampling has been overlooked in the Contingent Valuation Method (CVM). We find that using on-site samples of visitors overstates visitor willingness to pay (WTP) estimates relative to a household sample of visitors, and substantially overstates the unconditional population values. We provide two methods of correcting WTP of on-site samples. The uncorrected on-site sample CVM yields WTP of $132 per trip, while visitor WTP obtained from a random sample of households had a value of $66 per trip. Adaptation of choice-based sampling correction estimator to the on-site CVM data yields $73 per trip, not statistically different from the visitor value from the household survey, but significantly... |
| Tipo: Journal Article |
Palavras-chave: Contingent valuation method; Endogenous stratification; On-site sampling bias; Environmental Economics and Policy. |
| Ano: 2010 |
URL: http://purl.umn.edu/95610 |
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