Generalized Estimation Methods for Non-i.i.d. Binary Data: An Application to Dichotomous Choice Contingent Valuation
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We challenge the assumption of i.i.d random utility across alternatives embedded in typical applications of logit models to dichotomous choice contingent valuation data. Using a Gumbel mixed distribution which nests a number of traditional models, we show that the logistic distribution is not a suitable distribution for contingent valuation analysis.