Multiple-Bounded Uncertainty Choice Data as Probabilistic Intentions
Document Type
Article
Department
Economics (CMC)
Publication Date
2003
Abstract
The multiple-bounded uncertainty choice (MBUC) value elicitation method allows respondents to indicate qualitative levels of uncertainty, as opposed to a simple yes or no, across a range of prices. We argue that MBUC responses convey subjective probabilities. We examine the decision process of the researcher faced with estimating population parameters from MBUC sample responses. We develop her optimal decision rule based on a specified loss function. The resulting estimator accommodates uncertainty on the part of the respondent and the researcher. We illustrate the proposed estimation method using MBUC responses from the first field application of this elicitation format. The resulting framework produces stable estimates and nests alternative methods of modeling MBUC responses.
Rights Information
© 2003 by the Board of Regents of the University of Wisconsin System
Terms of Use & License Information
DOI
10.2307/3147299
Recommended Citation
Evans, Mary F., Nicholas E. Flores, and Kevin Boyle, Multiple Bounded Uncertainty Choice Data as Probabilistic Intentions, Land Economics 79(4): 549-560, 2003.
