Hi,
I am attempting to evaluate mean / median WTP and confidence intervals for a
contingent valuation survey using the payment card approach. This approach
presents a survey respondent with a range of prices for some good and asks
them to identify the highest price they would be willing to pay for the
good. It is assumed that the respondent's true willingness to pay is bounded
at the lower end by the amount they said they would pay and at the higher
end by the next highest amount presented to the respondent (that they
indicated they would not pay). Where the respondent indicates they would pay
the highest price presented their WTP is unbounded (unbounded upper
responses account for less than 3 percent of our survey respondents).
I am wondering if anyone has 'canned' parametric and / or non-parametric
models to estimate these models or whether there are any guidelines for
constructing these models in STATA? For the parametric models I would like
to evaluate normal and log-normal distributions, possibily truncating the
normal distribution to allow for only non-negative WTP.
Many thanks,
Jeremy
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