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

Author

Listed:
  • 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. Les chercheurs examinent de plus en plus les méthodes de transfert des valeurs qui permettent le rajustement des mesures du bien‐être selon les caractéristiques du contexte politique. Toutefois, la validité et la fiabilité de ce genre de rajustements dépendent de la présence de la variation systématique de la volonté de payer (VDP) sous‐jacente. Le présent article décrit une méta‐analyse réalisée dans le but d'identifier les composantes systématiques de la VDP pour l'amélioration des ressources aquatiques. Les résultats du modèle ont révélé des profils systématiques de la VDP non apparents dans les modèles de préférence déclarée examinés isolément et ils ont semblé indiquer que les caractéristiques observables ont représenté une partie substantielle de la variance des estimés de la VDP dans les études. Cette analyse a également mis en lumière les difficultés à surmonter quant à l'élaboration, à l'estimation et à l'interprétation des méta‐modèles pour le transfert des valeurs et l'orientation du bien‐être. Ces difficultés demeurent même dans les cas où la performance statistique des méta‐modèles est satisfaisante.

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
    DOI: 10.1111/j.1744-7976.2005.04018.x
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    References listed on IDEAS

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    3. 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.
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