Yoo, Seung-Hoon; Kwak, Seung-Jun; Kim, Tai-Yoo - In: Applied Economics Letters 7 (2000) 3, pp. 181-184
Data on willingness-to-pay (WTP) collected from contingent valuation surveys are usuallycensoredat zero. Insuch cases, ordinary least squares estimationof the WTP equation produces inconsistent parameter estimates. The maximum likelihood estimation of the Tobit model, which is widely used in...