Quotation Reichl, Johannes, Frühwirth-Schnatter, Sylvia. 2012. A censored random coefficients model for the detection of zero willingness to pay. Quantitative Marketing and Economics (QME). 10 259-281.


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Abstract

In this paper we address the problem of negative estimates of willingness to pay. We find that there exist a number of goods and services, especially in the fields of marketing and environmental valuation, for which only zero or positive WTP is meaningful. For the valuation of these goods an econometric model for the analysis of repeated dichotomous choice data is proposed. Our model restricts the domain of the estimates of WTP to strictly positive values, while also allowing for the detection of zero WTP. The model is tested on a simulated and a real data set.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Quantitative Marketing and Economics (QME)
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, MAR-A, STRAT-B, VW-D, WH-B
Language English
Title A censored random coefficients model for the detection of zero willingness to pay
Volume 10
Year 2012
Page from 259
Page to 281
Reviewed? Y
URL https://link.springer.com/article/10.1007/s11129-011-9115-2
DOI http://dx.doi.org/10.1007/s11129-011-9115-2
Open Access N
JEL C11; Q51

Associations

People
Frühwirth-Schnatter, Sylvia (Details)
External
Reichl, Johannes
Organization
Institute for Statistics and Mathematics IN (Details)
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