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Iterative bid design in contingent valuation and the estimation of the revenue maximising price for a cultural good

Lookup NU author(s): Emeritus Professor Ken Willis

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Abstract

This article explores the impact of changing the number and distribution of bid levels on the estimated revenue maximising price for entry to a local cultural good, namely the historic Bosco di Capodimonte park in Naples. Different iterative bid designs produce somewhat different estimates, through their effect on the parameters of the function modelling the demand curve for the good. The impact of bid design depends upon the function used, and the number and sequence of bid levels included or excluded in the design. The greater the number of bid levels, the greater the accuracy in estimating a revenue maximising price. © 2002 Kluwer Academic Publishers.


Publication metadata

Author(s): Willis KG

Publication type: Article

Publication status: Published

Journal: Journal of Cultural Economics

Year: 2002

Volume: 26

Issue: 4

Pages: 307-324

Print publication date: 01/01/2002

ISSN (print): 0885-2545

ISSN (electronic): 1573-6997

Publisher: Springer

URL: http://dx.doi.org/10.1023/A:1019903814513

DOI: 10.1023/A:1019903814513


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