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Disparity between Hunters' Willingness to Pay and Willingness to Accept Compensation: An Empirical Example

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  • Stratton, Gary R.
  • Smathers, Webb M., Jr.
  • Gooding, Robert
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    Abstract

    Willingness-to-pay (WTP) and willingness-to-accept (WTA) compensation models were estimated for hunters using a portion of the Clarks Hill wildlife Management Area during 1989-1990. Hunters' WTA values ranged from 2.8 to 8 times more than WTP. Income and wealth effects as well as property rights clearly contributed to this disparity in WTP and WTA compensation for the right to hunt in the wildlife Management Area. Responding hunters spent an average of $750 for hunting related activities or about five percent of their disposable income.

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    File URL: http://purl.umn.edu/117657
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    Bibliographic Info

    Paper provided by Clemson University, Department of Agricultural and Applied Economics in its series Working Papers with number 117657.

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    Date of creation: Feb 1992
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    Handle: RePEc:ags:cuaewp:117657

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    Postal: Clemson, SC 29634-0355
    Web page: http://cherokee.agecon.clemson.edu/welcome9.htm
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    Keywords: Resource /Energy Economics and Policy;

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    1. Coursey, Don L & Hovis, John L & Schulze, William D, 1987. "The Disparity between Willingness to Accept and Willingness to Pay Measures of Value," The Quarterly Journal of Economics, MIT Press, vol. 102(3), pages 679-90, August.
    2. Randall, Alan & Ives, Berry & Eastman, Clyde, 1974. "Bidding games for valuation of aesthetic environmental improvements," Journal of Environmental Economics and Management, Elsevier, vol. 1(2), pages 132-149, August.
    3. Goodman, Allen C., 1989. "Identifying willingness-to-pay for heterogeneous goods with factorial survey methods," Journal of Environmental Economics and Management, Elsevier, vol. 16(1), pages 58-79, January.
    4. Knetsch, Jack L & Sinden, J A, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, MIT Press, vol. 99(3), pages 507-21, August.
    5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    6. Clifford S. Russell, 1982. "Publicly Vested Values for Fish and Wildlife: Comment," Land Economics, University of Wisconsin Press, vol. 58(4), pages 559-562.
    7. Brookshire, David S & Coursey, Don L, 1987. "Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures," American Economic Review, American Economic Association, vol. 77(4), pages 554-66, September.
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