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Estimating willingess-to-pay with random valuation models : an application to Lake Sevan, Armenia

Author: Hua Wang; World Bank. Development Research Group. Environment and Infrastructure.
Publisher: Washington, DC : World Bank, Development Research Group, Infrastructure and Ennvironment Team, [2004]
Series: Policy research working papers, 3367.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
"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  Read more...
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Additional Physical Format: Print version:
Estimating willingess-to-pay with random valuation models.
Washington, DC : World Bank, Development Research Group, Infrastructure and Ennvironment Team, [2004]
(OCoLC)56774657
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Hua Wang; World Bank. Development Research Group. Environment and Infrastructure.
OCLC Number: 646971193
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (42 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Policy research working papers, 3367.
Responsibility: Hua Wang [and others].

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.

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