英文摘要 |
A comprehensive discussion and comparison of two competing models, Hanemann's utility difference model and Cameron's expenditure difference model, in the analysis of contingent policy referendum data are presented. The comparison of Hanemann's and Cameron's model, an extension of earlier work, is analyzed by logit and probit model under different specification of utility and expenditure difference functional forms. The welfare measure of mean willingness to pay and the corresponding confidence interval are estimated. The Hicksian demand function for each specification is also derived. A set of data with 540 households from a contingent policy referendum experiment, a study conducted for the improvements of running water quality in Tung-kang creek of Ping-tung shian in Taiwan, is employed for our purpose. In summary, choice of models and functional specifications should consider not only the theoretical plausibility but also the empirical applicability and convenience. For all functional forms specified in this research, linear, linear-log, semi-log, and double-log, interpretation of response function as expenditure difference results a better performance in model estimation, mean welfare measure calculation, confidence intervals computation, and Hicksian demand function derivation if the function exists for good to be valued. |