A Joint Estimation Method to Combine Dichotomous Choice CVM Models with Count Data TCM Models Corrected for Truncation and Endogenous Stratification
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We update the joint estimation of revealed and stated preference data of previously
published research to allow for joint estimation of the Travel Cost Method (TCM) portion
using count data models. The TCM estimation also corrects for truncation and endogenous
stratification as well as overdispersion. The joint estimation allows for testing consistency of
behavior between revealed and stated preference data rather than imposing it. We find little
gain in estimation efficiency, but our joint estimation might make a significant improvement
in estimation efficiency when the contingent valuation scenarios involve major changes in
site quality not reflected in the TCM data.