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Estimating Willingness-to-pay with Random Valuation Models

Author:

Publisher: World Bank Publications

Published: 2004

Total Pages: 41

ISBN-13:

Abstract: "This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats - open-ended, closed-ended, and the stochastic payment card (SPC) approach - were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews. This paper - a product of the Infrastructure and Environment Team, Development Research Group is part of a larger effort in the group to understand the economics of sustainable development in developing countries"--World Bank web site.

Estimating Willingness-to-Pay with Random Valuation Models

Author: Hua Wang

Publisher:

Published: 2016

Total Pages: 41

ISBN-13:

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This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats-open-ended, closed-ended, and the stochastic payment card (SPC) approach - were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews.This paper - a product of the Infrastructure and Environment Team, Development Research Group - is part of a larger effort in the group to understand the economics of sustainable development in developing countries.

Estimating Willingness-to-Pay with Random Valuation Models

Author:

Publisher:

Published: 2004

Total Pages:

ISBN-13:

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Estimating Willingness-to-Pay with Random Valuation Models

Author: Hua Wang

Publisher:

Published: 2013

Total Pages:

ISBN-13:

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This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats-open-ended, closed-ended, and the stochastic payment card (SPC) approach-were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews.

Estimation of Willingness-to-Pay

Author: Christoph Breidert

Publisher: Springer Science & Business Media

Published: 2007-11-03

Total Pages: 148

ISBN-13: 3835092448

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With the Price Estimation scene (PE scene) Christoph Breidert introduces a new method to estimate willingness-to-pay. It works as an additional interview scene appended to conjoint analysis and offers the respondents a dynamically generated sequence of product choices with assigned prices. The customers indicate whether they would actually purchase the presented product profiles.

A Primer on Nonmarket Valuation

Author: Patricia A. Champ

Publisher: Springer

Published: 2017-02-08

Total Pages: 508

ISBN-13: 9400771045

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This is a practical book with clear descriptions of the most commonly used nonmarket methods. The first chapters of the book provide the context and theoretical foundation of nonmarket valuation along with a discussion of data collection procedures. The middle chapters describe the major stated- and revealed-preference valuation methods. For each method, the steps involved in implementation are laid out and carefully explained with supporting references from the published literature. The final chapters of the book examine the relevance of experimentation to economic valuation, the transfer of existing nonmarket values to new settings, and assessments of the reliability and validity of nonmarket values. The book is relevant to individuals in many professions at all career levels. Professionals in government agencies, attorneys involved with natural resource damage assessments, graduate students, and others will appreciate the thorough descriptions of how to design, implement, and analyze a nonmarket valuation study.

Estimating Consumer Willingness to Pay a Price Premium for Alaska Secondary Wood Products

Author: Geoffrey H. Donovan

Publisher:

Published: 2003

Total Pages: 16

ISBN-13:

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Dichotomous choice contingent valuation survey techniques were used to estimate mean willingness to pay (WTP) a price premium for made-in-Alaska secondary wood products. Respondents were asked to compare two superficially identical end tables, one made in China and one made in Alaska. The surveys were administered at home shows in Anchorage, Fairbanks, and Sitka in March and April 2002. Results indicated that, on average, respondents were willing to pay an additional $82 for the Alaskamade table, above a base price of $50. The 95 percent confidence bounds on this estimate of mean WTP are $68.10 and $96.10. Survey design and sample demographics are discussed as possible upward biases on the mean WTP for the Alaskamade table. Despite these possible biases, we concluded that place of manufacture is a significant competitive advantage for Alaska secondary wood product manufacturers marketing their products in Alaska.

Estimating Individual Willingness to Pay - a Bayesian Censored Random Coefficients Model

Author: Johannes Reichl

Publisher:

Published: 2009

Total Pages: 168

ISBN-13: 9783990080153

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Valuing Ecosystem Services

Author: National Research Council

Publisher: National Academies Press

Published: 2005-05-14

Total Pages: 291

ISBN-13: 030909318X

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Nutrient recycling, habitat for plants and animals, flood control, and water supply are among the many beneficial services provided by aquatic ecosystems. In making decisions about human activities, such as draining a wetland for a housing development, it is essential to consider both the value of the development and the value of the ecosystem services that could be lost. Despite a growing recognition of the importance of ecosystem services, their value is often overlooked in environmental decision-making. This report identifies methods for assigning economic value to ecosystem servicesâ€"even intangible onesâ€"and calls for greater collaboration between ecologists and economists in such efforts.

Marine Resource Damage Assessment

Author: F. Maes

Publisher: Springer Science & Business Media

Published: 2006-06-29

Total Pages: 289

ISBN-13: 1402033680

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The main focus of this important book is on civil liability regimes to compensate for ecological/environmental damage, the impact of EC decision-making on the international regime for oil pollution damage, the use of environmental funds in this respect, the economic valuation of damage to the environment from a theoretical perspective and the application of the Contingent Valuation Method in Belgium for ecological damage at sea.