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Using Willingness to Pay and Willingness to Accept to Value Farmland Preservation under Ambiguous Property Rights and Preference Uncertainty

Author

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  • Yicong Luo
  • Brent M. Swallow
  • Wiktor L. Adamowicz

Abstract

We use a paired-sample binary choice experiment to estimate willingness to pay (WTP) and willingness to accept (WTA) values when land is converted from agriculture to developed uses in Alberta, Canada. Validated principles for stated preference are followed in scenario design, elicitation format, experimental design, and ancillary questions. Preference uncertainty is addressed through alternative calibration of uncertain responses. Reliability and incentive compatibility measures indicate that respondents found both WTP and WTA scenarios to be plausible and incentive compatible. WTA-WTP value gaps are smaller than most previous studies, with consequentiality increasing WTA, WTP, and the gap between WTA and WTP.

Suggested Citation

  • Yicong Luo & Brent M. Swallow & Wiktor L. Adamowicz, 2022. "Using Willingness to Pay and Willingness to Accept to Value Farmland Preservation under Ambiguous Property Rights and Preference Uncertainty," Land Economics, University of Wisconsin Press, vol. 98(4), pages 639-657.
    • Handle: RePEc:uwp:landec:v:98:y:2022:i:4:p:639-657
    Note: DOI: 10.3368/le.98.4.060120-0074R2
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    File URL: http://le.uwpress.org/cgi/reprint/98/4/639
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    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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