Validation of empirical measures of welfare change: comment

Abstract

In an excellent article from a recent issue of this journal, Sellar, Stoll and Chavas (1985) make a technical error which causes them to misstate their closed-ended estimates of willingness to pay. Truncation of the estimated cummulative distribution function must we made explicit in compution of willingness to pay.nonmarket valuation; contingent valuation; stated preferences; welfare evaluation; willingness to pay