English, Article, Journal or magazine article edition: Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia Wang,Hua; Laplante, Benoit; Xun Wu; ...

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia
Author
  • Wang,Hua
  • Laplante, Benoit
  • Xun Wu
  • Meisner, Craig
Physical Description
  • preprint
Notes
  • 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 WTPthan 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.
  • Payment Systems&​Infrastructure,Economic Theory&​Research,Social Analysis,Environmental Economics&​Policies,Scientific Research&​Science Parks,Environmental Economics&​Policies,Social Analysis,Economic Theory&​Research,Scientific Research&​Science Parks,Science Education
  • RePEc:wbk:wbrwps:3367
Language
  • English
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