This study applies an information theoretic econometric approach in the form of a new maximum likelihood-minimum power divergence (ML-MPD) semi-parametric binary response estimator to analyze dichotomous contingent valuation data. The ML-MPD method estimates the underlying behavioral decision...

Since people care about each other, an individual's willingness to pay to protect an environmental good or service will reflect their concern for others who would also be impacted by a change in the good or service. Through the extended social network, an individual's willingness to pay will...