Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models
An individual’s rate-of-time-preference is an important consideration for individuals deciding whether to support a public good, since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the time frame of the payment schedule is varied across surveys. We find discount rates similar to the rates found in the recent revealed preference and experimental literature of around 30%. Our CVM question addresses the preservation of additional open space adjacent to a large regional park at the urban fringe of Portland, Oregon.
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- Emmanuel Flachaire & Guillaume Hollard, 2005.
"Controlling starting-point bias in double-bounded contingent valuation surveys,"
Cahiers de la Maison des Sciences Economiques
v05076, Université Panthéon-Sorbonne (Paris 1).
- Emmanuel Flachaire & Guillaume Hollard, 2006. "Controlling Starting-Point Bias in Double-Bounded Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 82(1), pages 103-111.
- Emmanuel Flachaire & Guillaume Hollard, 2005. "Controlling starting-point bias in double-bounded contingent valuation surveys," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196431, HAL.
- Emmanuel Flachaire & Guillaume Hollard, 2006. "Controlling starting-point bias in double-bounded contingent valuation surveys," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00175917, HAL.
- 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.
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