Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models
AbstractAn individual’s rate-of-time-preference is an important consideration for individuals deciding whether to support a public good, since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the time frame of the payment schedule is varied across surveys. We find discount rates similar to the rates found in the recent revealed preference and experimental literature of around 30%. Our CVM question addresses the preservation of additional open space adjacent to a large regional park at the urban fringe of Portland, Oregon.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 84 (2008)
Issue (Month): 2 ()
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Web page: http://le.uwpress.org/
Other versions of this item:
- Kovacs, Kent F. & Larson, Douglas M., 2007. "Identifying Individual Discount Rates and Valuing Public Open Space with Stated Preference Models," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 9743, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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- Provencher, Bill & Lewis, David J. & Anderson, Kathryn, 2012. "Disentangling preferences and expectations in stated preference analysis with respondent uncertainty: The case of invasive species prevention," Journal of Environmental Economics and Management, Elsevier, vol. 64(2), pages 169-182.
- Bond, Craig A. & Cullen, Kelly Giraud & Larson, Douglas M., 2009. "Joint estimation of discount rates and willingness to pay for public goods," Ecological Economics, Elsevier, vol. 68(11), pages 2751-2759, September.
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