Seung‐Hoon Yoo
Abstract
This article considers the Type 3 Tobit models to deal with the willingness to pay data with preference intensity by employing both parametric and semiparametric estimation methods. The overall results show that the semiparametric estimation significantly outperforms the parametric estimation.
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This article considers the Type 3 Tobit models to deal with the willingness to pay data with preference intensity by employing both parametric and semiparametric estimation methods. The overall results show that the semiparametric estimation significantly outperforms the parametric estimation.
Key concepts: Tobit model, Semiparametric model, Estimation, Willingness to pay, Econometrics, Semiparametric regression, Preference, Parametric statistics