Willingness to pay: how stable are the estimates?

摘要

The purpose of this paper is to examine the stability of WTP estimates when discrete choice models are applied in cultural valuation studies. This valuation technique has recently emerged and is expected to be more widely applied in cultural economics. However, little is known about whether or not WTP estimates that are derived using different functional forms and structures in the same valuation study are stable enough to be within an acceptable range. This paper tries to examine the stability of estimated WTP values when uncertainty remains in the selection of best choice models. A more careful selection of choice models might be needed to improve the valuation reliability.