A Note on a Bayesian Approach to a Dichotomous Choice Environmental Valuation Model |
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Authors: | Seung-Hoon Yoo |
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Institution: |
a School of Business & Economics, Hoseo University, Republic of Korea. |
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Abstract: | As an alternative to the classical approach for analysing dichotomous choice environmental valuation data, this note develops a Bayesian approach by using the idea of Gibbs sampling and data augmentation. A by-product from the approach is a welfare measure, such as the mean willingness to pay, and its confidence interval, which can be used for policy analysis. |
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Keywords: | Bayesian approach dichotomous choice environmental valuation Gibbs sampling data augmentation |
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