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This paper proposes a new approach to benefit transfer. The method assumes a specific form for preferences and uses available benefit information to identify and calibrate the preference parameters to match the existing benefit estimates. This approach assures economic consistency of the...
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Preference calibration has been proposed as a method for improving benefit transfers (Smith et al., 2002). The objective of this method is to develop a WTP function that can be used to predict individuals’ values for a wide range of quality changes. The analyst’s specification of preferences...
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