I agree with Stas that -nlcom- is likely to be a good alternative to
the bootstrap but it's worth keeping in mind that it will not be very
accurate if the distribution of mean WTP is highly non-normal. This
could be the case since WTP is often derived as a function of the
ratio of coefficient estimates. In this case the parametric bootstrap
represents a compromise between accuracy (-bootstrap-) and computing
speed (-nlcom-).
Arne
On 01/05/2008, Stas Kolenikov <[email protected]> wrote:
> If you
> can express WTP as the function of estimated parameters, then you
> should consider -nlcom- that would give you the delta method standard
> errors -- if you can technically do that, I would not bother with the
> bootstrap. You would probably find yourself wasting a week of your
> time setting your bootstrap up properly, to find the standard errors
> only differ in the third decimal point from those in -nlcom-.
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