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Systematic Variation in Willingness to Pay for Aquatic Resource Improvements and Implications for Benefit Transfer: A Meta-Analysis

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  • Robert J. Johnston
  • Elena Y. Besedin
  • Richard Iovanna
  • Christopher J. Miller
  • Ryan F. Wardwell
  • Matthew H. Ranson

Abstract

"Researchers are increasingly considering benefit transfer approaches that allow welfare measures to be adjusted for characteristics of the policy context. The validity and reliability of such adjustments, however, depends on the presence of systematic variation in underlying WTP. This paper describes a meta-analysis conducted to identify systematic components of WTP for aquatic resource improvements. Model results reveal systematic patterns in WTP unapparent from stated preference models considered in isolation, and suggest that observable attributes account for a substantial proportion of the variance in WTP estimates across studies. The analysis also exposes challenges faced in development, estimation, and interpretation of meta-models for benefit transfer and welfare guidance. These challenges remain salient even in cases where the statistical performance of meta-models is satisfactory." Copyright 2005 Canadian Agricultural Economics Society.

Suggested Citation

  • Robert J. Johnston & Elena Y. Besedin & Richard Iovanna & Christopher J. Miller & Ryan F. Wardwell & Matthew H. Ranson, 2005. "Systematic Variation in Willingness to Pay for Aquatic Resource Improvements and Implications for Benefit Transfer: A Meta-Analysis," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 53(2-3), pages 221-248, June.
  • Handle: RePEc:bla:canjag:v:53:y:2005:i:2-3:p:221-248
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    1. Roberts, Lisa A. & Leitch, Jay A., 1997. "Economic Valuation Of Some Wetland Outputs Of Mud Lake, Minnesota-South Dakota," Agricultural Economics Reports 23406, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. Mathews, Leah Greden & Homans, Frances R. & Easter, K. William, 1999. "Reducing Phosphorus Pollution In The Minnesota River: How Much Is It Worth?," Staff Papers 13771, University of Minnesota, Department of Applied Economics.
    3. Christopher D. Azevedo & Joseph A. Herriges & Catherine L. Kling, 2001. "Valuing Preservation and Improvements of Water Quality in Clear Lake," Center for Agricultural and Rural Development (CARD) Publications 01-sr94, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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