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Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications

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Author Info
Cho, Seong-Hoon
Yen, Steven T.
Bowker, J.M.
Newman, David H.

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Abstract

This study compares an ordered probit model and a Tobit model with selection to take into account both true zero and protest zero bids while estimating the willingness to pay (WTP) for conservation easements in Macon County, NC. By comparing the two models, the ordered/unordered selection issue of the protest responses is analyzed to demonstrate how the treatment of protest responses can significantly influence WTP models. Both models consistently show that income and knowledge are positive and significant factors, while distance to poorer quality streams and duration of residency are negative and significant factors on WTP.

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Publisher Info
Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 40 (2008)
Issue (Month): 01 (April)
Pages:
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Handle: RePEc:ags:joaaec:45524

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Related research
Keywords: censored dependent variable; conservation easement; protest bid; sample selection; WTP; Agribusiness; Land Economics/Use; Political Economy; 25; 42; Q56;

References listed on IDEAS
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  1. KyeongAe Choe & Dale Whittington & Donald T. Lauria, 1996. "The Economic Benefits of Surface Water Quality Improvements in Developing Countries: A Case Study of Davao, Philippines," Land Economics, University of Wisconsin Press, vol. 72(4), pages 519-537. [Downloadable!] (restricted)
  2. Elisabetta Strazzera & Margarita Genius & Riccardo Scarpa & George Hutchinson, 2003. "The Effect of Protest Votes on the Estimates of WTP for Use Values of Recreational Sites," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(4), pages 461-476, August. [Downloadable!] (restricted)
  3. Halstead, John M. & Luloff, A.E. & Stevens, Thomas H., 1992. "Protest Bidders In Contingent Valuation," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 21(2), October. [Downloadable!]
  4. Cooper, Joseph C. & Hanemann, W.M. & Signorello, Giovanni, 2002. "One and One-Half Bound Dichotomous Choice Contingent Valuation," MPRA Paper 17190, University Library of Munich, Germany, revised Nov 2002. [Downloadable!]
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  5. Dixie Reaves & Randall Kramer & Thomas Holmes, 1999. "Does Question Format Matter? Valuing an Endangered Species," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(3), pages 365-383, October. [Downloadable!] (restricted)
  6. Anni Huhtala, 2000. "Binary Choice Valuation Studies with Heteregeneous Preferences Regarding the Program Being Valued," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(3), pages 263-279, July. [Downloadable!] (restricted)
  7. Anabela Botelho & Ligia Costa Pinto, 2001. "Hypothetical, real, and predicted real willingness to pay in open-ended surveys: experimental results," Working Papers 12, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho. [Downloadable!]
  8. Keith, John E. & Fawson, Christopher & Johnson, Van, 1996. "Preservation or use A contingent valuation study of wilderness designation in Utah," Ecological Economics, Elsevier, vol. 18(3), pages 207-214, September. [Downloadable!] (restricted)
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This page was last updated on 2009-11-26.

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