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Quality of Life as an Explanation of the Divergence between Ranchers’' WTA and WTP for Public Forage

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  • Sun, Lili
  • van Kooten, G. Cornelis
  • Voss, Graham M.

Abstract

This research provides empirical support for divergence between WTA and WTP, based on results from a 2002 survey of Nevada ranchers. WTP for public forage and WTA compensation to part with grazing rights are estimated simultaneously, with the estimators demonstrating a statistically significant divergence while enabling identification of ranch characteristics that influence the discrepancy in valuations. We conclude that ranching lifestyle (quality of life) accounts for some of the difference between WTP and WTA.

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File URL: http://purl.umn.edu/21162
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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21162.

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Date of creation: 2006
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Handle: RePEc:ags:aaea06:21162

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Keywords: Farm Management;

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  1. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
  2. Borges, Bernhard F. J. & Knetsch, Jack L., 1998. "Tests of market outcomes with asymmetric valuations of gains and losses: Smaller gains, fewer trades, and less value," Journal of Economic Behavior & Organization, Elsevier, vol. 33(2), pages 185-193, January.
  3. Trudy Ann Cameron & John Quiggin, 1992. "Estimation Using Contingent Valuation Data From a "Dichotomous Choice with Follow-Up" Questionnaire," UCLA Economics Working Papers 653, UCLA Department of Economics.
  4. John A. List, 2003. "Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace," NBER Working Papers 9736, National Bureau of Economic Research, Inc.
  5. Shogren, Jason F. & Shin, Seung Youll & Hayes, Dermot J. & Kliebenstein, James, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," Staff General Research Papers 701, Iowa State University, Department of Economics.
  6. Gregory L. Poe & Michael P. Welsh & Patricia A. Champ, 1997. "Measuring the Difference in Mean Willingness to Pay When Dichotomous Choice Contingent Valuation Responses Are Not Independent," Land Economics, University of Wisconsin Press, vol. 73(2), pages 255-267.
  7. Randall, Alan & Stoll, John R, 1980. "Consumer's Surplus in Commodity Space," American Economic Review, American Economic Association, vol. 70(3), pages 449-55, June.
  8. Hanemann, W Michael, 1991. "Willingness to Pay and Willingness to Accept: How Much Can They Differ?," American Economic Review, American Economic Association, vol. 81(3), pages 635-47, June.
  9. Horowitz, John K. & McConnell, Kenneth E., 2002. "A Review of WTA/WTP Studies," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 426-447, November.
  10. John List, 2003. "Does market experience eliminate market anomalies?," Natural Field Experiments 00297, The Field Experiments Website.
  11. Knetsch, Jack L, 1995. "Asymmetric Valuation of Gains and Losses and Preference Order Assumptions," Economic Inquiry, Western Economic Association International, vol. 33(1), pages 134-41, January.
  12. Newell, Richard G. & Pizer, William A., 2003. "Discounting the distant future: how much do uncertain rates increase valuations?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 52-71, July.
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