Joint estimation of discount rates and willingness to pay for public goods
We analyze willingness to pay (WTP) for environmental programs whose time periods of benefit and repayment differ, using a net present value framework that identifies parameters of both WTP and personal discount rates. Respondents to a contingent valuation survey focusing on protection of critical habitat buffer zones for the endangered Steller Sea Lion in Alaska were asked their willingness to pay for 1-, 5-, and 15-year repayment periods. We jointly estimate the personal discount rates and WTP via maximum likelihood, and compare with a model assuming a fixed, market discount rate.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John Curtis, 2002. "Estimates of fishermen's personal discount rate," Applied Economics Letters, Taylor & Francis Journals, vol. 9(12), pages 775-778.
- Horowitz, John K & Carson, Richard T, 1990. "Discounting Statistical Lives," Journal of Risk and Uncertainty, Springer, vol. 3(4), pages 403-413, December.
- Cropper, Maureen L & Aydede, Sema K & Portney, Paul R, 1992. "Rates of Time Preference for Saving Lives," American Economic Review, American Economic Association, vol. 82(2), pages 469-472, May.
- Kent F. Kovacs & Douglas M. Larson, 2008.
"Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models,"
University of Wisconsin Press, vol. 84(2), pages 209-224.
- Kovacs, Kent F. & Larson, Douglas M., 2007. "Identifying Individual Discount Rates and Valuing Public Open Space with Stated Preference Models," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 9743, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Nunes, Paulo A. L. D. & Schokkaert, Erik, 2003. "Identifying the warm glow effect in contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 45(2), pages 231-245, March.
- Glenn W. Harrison & Morten I. Lau & Melonie B. Williams, 2002. "Estimating Individual Discount Rates in Denmark: A Field Experiment," American Economic Review, American Economic Association, vol. 92(5), pages 1606-1617, December.
- Glenn W. Harrison & Morten I. Lau & Melonie B. Williams, 2001. "Estimating Individual Discount Rates in Denmark: A Field Experiment," NCEE Working Paper Series 200102, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Nov 2001.
- Glenn Harrison & Morten Lau & Elisabet Rutstrom & Melonie Williams, 2002. "Estimating individual discount rates in denmark: A field experiment," Artefactual Field Experiments 00062, The Field Experiments Website.
- Patricia A. Champ & Nicholas E. Flores & Thomas C. Brown & PJames Chivers, 2002. "Contingent Valuation and Incentives," Land Economics, University of Wisconsin Press, vol. 78(4), pages 591-604.
- Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September.
- Hensel, Nayantara & Deichert, Martin, 2008. "An empirical analysis of the factors impacting discount rates: Evidence from the U.S. Marine Corps," Review of Financial Economics, Elsevier, vol. 17(1), pages 62-78.
- Jerry A. Hausman, 1979. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 33-54, Spring.
- Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
- Saul Pleeter & John T. Warner, 2001. "The Personal Discount Rate: Evidence from Military Downsizing Programs," American Economic Review, American Economic Association, vol. 91(1), pages 33-53, March.
- Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
- Thomas H. Stevens & Nichole E. DeCoteau & Cleve E. Willis, 1997. "Sensitivity of Contingent Valuation to Alternative Payment Schedules," Land Economics, University of Wisconsin Press, vol. 73(1), pages 140-148.
- Giraud, Kelly & Turcin, Branka & Loomis, John & Cooper, Joseph, 2002. "Economic benefit of the protection program for the Steller sea lion," Marine Policy, Elsevier, vol. 26(6), pages 451-458, November.
- Richard T. Carson, 1997. "Contingent Valuation: Theoretical Advances and Empirical Tests Since the NOAA Panel," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(5), pages 1501-1507. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:eee:ecolec:v:68:y:2009:i:11:p:2751-2759. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.