The purpose of this research is to use measures of willingness to pay derived from random utility models as the basis for evaluating the properties of parametric and nonparametric estimators with binary choice data. Monte Carlo simulations are conducted to evaluate two parametric methods and a...

Hedonic models are commonly used to estimate marginal willingness pay for environmental amenities. These studies utilize variables that are assumed to be measured without error, such as the square footage of the lot or the number of bedrooms, and proxy variables such as neighborhood or school...