RDP 2015-03: The Value of Payment Instruments: Estimating Willingness to Pay and Consumer Surplus
Equation
Pr
(
y
i
,
p
l
,
p
u
=
1
)
=
Pr
(
p
l
≤
W
T
P
i
<
p
u
)
=
Pr
(
p
l
≤
α
+
ε
i
<
p
u
)
=
Pr
(
p
l
−
α
≤
ε
i
<
p
u
−
α
)
=
Pr
(
p
u
−
α
>
ε
i
)
−
Pr
(
p
l
−
α
≥
ε
i
)
=
F
(
p
u
−
α
)
−
F
(
p
l
−
α
)
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