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The Theoretical Structure of Producer Willingness to Pay Estimates

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  • Zapata, Samuel D.
  • Carpio, Carlos E.

Abstract

This paper analyzes the theoretical underpinnings of producers’ willingness to pay (WTP) for novel inputs. In addition to conceptualizing the WTP function for producers, we derive its comparative statics and demonstrate the use of these properties to estimate input quantities demanded, outputs supplied, and price elasticities. We also discuss implications of the comparative statics results for the specification of empirical producer WTP models and survey design.

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File URL: http://purl.umn.edu/123434
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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 123434.

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Date of creation: 2012
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Handle: RePEc:ags:aaea12:123434

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Related research

Keywords: Cobb-Douglas production function; contingent valuation; price elasticities; new technologies; survey design.; Agribusiness; Demand and Price Analysis; Environmental Economics and Policy; Production Economics;

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References

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  1. Jayson L. Lusk & Darren Hudson, 2004. "Willingness-to-Pay Estimates and Their Relevance to Agribusiness Decision Making," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(2), pages 152-169.
  2. Silvia Banfi & Mehdi Farsi & Massimo Filippini & Martin Jakob, 2005. "Willingness to Pay for Energy-Saving Measures in Residential Buildings," CEPE Working paper series 05-41, CEPE Center for Energy Policy and Economics, ETH Zurich.
  3. Lusk, Jayson L., 2002. "Effects Of Cheap Talk On Consumer Willingness-To-Pay For Golden Rice," 2002 Annual meeting, July 28-31, Long Beach, CA 19597, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Clifford, William B. & Hoban, Thomas J. & Whitehead, John C., 2001. "Willingness To Pay For Agricultural Research And Extension Programs," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(01), April.
  5. McConnell, K. E., 1990. "Models for referendum data: The structure of discrete choice models for contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 19-34, January.
  6. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
  7. Kenkel, Philip L. & Norris, Patricia E., 1995. "Agricultural Producers' Willingness To Pay For Real-Time Mesoscale Weather Information," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(02), December.
  8. Eric Thompson & Mark Berger & Glenn Blomquist & Steven Allen, 2002. "Valuing the Arts: A Contingent Valuation Approach," Journal of Cultural Economics, Springer, vol. 26(2), pages 87-113, May.
  9. A Diener & B O'Brien & A Gafni, 1997. "Health Care Contingent Valuation Studies: A review and classification of the literature," Centre for Health Economics and Policy Analysis Working Paper Series 1997-07, Centre for Health Economics and Policy Analysis (CHEPA), McMaster University, Hamilton, Canada.
  10. Carpio, Carlos E. & Isengildina-Massa, Olga, 2008. "Consumer Willingness to Pay for Locally Grown Products: The Case of South Carolina," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6815, Southern Agricultural Economics Association.
  11. McConnell, Kenneth E. & Bockstael, Nancy E., 2006. "Valuing the Environment as a Factor of Production," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 14, pages 621-669 Elsevier.
  12. John C. Whitehead, 1995. "Willingness to Pay for Quality Improvements: Comparative Statics and Interpretation of Contingent Valuation Results," Land Economics, University of Wisconsin Press, vol. 71(2), pages 207-215.
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Cited by:
  1. Zapata, Samuel D. & Carpio, Carlos E. & Isengildina-Massa, Olga & Lamie, R. Dave, 2013. "The Economic Impact of Services Provided by an Electronic Trade Platform: The Case of MarketMaker," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(3), December.

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