Hi everyone! I'm in such an urgent situation. Now I cultivated enough data for my bachelor thesis. It's about WTP for Covid-19 vaccination. Thanks to god I have selected enough answers and proxy them properly. But just before getting deeper into the calculation phase, I stuck at the method of how I can estimate the WTP. I had the open-ended question, so basically I got the amount of money people willing to pay, I also had enough explainory and independent variables, but what kind of regression I should use? I have the reference from a Doctor that have the same research as mine, he also adviced me to follow his way with chi-square to compare the social characters, Mann-Whitney U test/Kruskal-Wallis test for P value of WTP 's explainory variables. bootrap for Arithmetic means. Is the boottrap elicit the WTP? Pls help me to find out! any help would be a bless!
Hello Nguyễn Xuân Gia Bảo ,
As the open-ended answers concerning willingness to pay (WTP) may be considered as continuous variables, I suspect you could use multiple linear regression as your analytic vehicle to determine which of your independent variables help explain differences in what people recorded as their WTP values.
For any IVs that are categorical and have two levels (e.g., sex: male and female), just give them numeric values of 0/1 or 1/2, respectively. For any IVs that are categorical and have more than two levels, you'll need to re-express them as a set of (c - 1) dummy variates (where c is the number of categories for the variable).
Good luck with your work.
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