Consumers’ Willingness to Pay for Eco-Certified Wood Products
We use Kriström’s simple spike model to assess the factors influencing consumers’ willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive “premium” for environmentally certified wood products. For three types of wood products (a $29 shelf, a $200 chair, and an $800 table) we find the estimated market premiums to be 12.9%, 8.5%, and 2.8%, respectively.
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- Kevin J. Boyle & Hugh F. MacDonald & Hsiang-tai Cheng & Daniel W. McCollum, 1998. "Bid Design and Yea Saying in Single-Bounded, Dichotomous-Choice Questions," Land Economics, University of Wisconsin Press, vol. 74(1), pages 49-64.
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- Bengt Kriström, 1997. "Spike Models in Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 1013-1023.
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