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http://worldcat.org/entity/work/id/131053873

Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia

This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats--open-ended, closed-ended, and the stochastic payment card (SPC) approach--were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews. This paper--a product of the Infrastructure and Environment Team, Development Research Group--is part of a larger effort in the group to understand the economics of sustainable development in developing countries.

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  • "This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats--open-ended, closed-ended, and the stochastic payment card (SPC) approach--were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews. This paper--a product of the Infrastructure and Environment Team, Development Research Group--is part of a larger effort in the group to understand the economics of sustainable development in developing countries."@en
  • ""This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats - open-ended, closed-ended, and the stochastic payment card (SPC) approach - were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTP than both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews. This paper - a product of the Infrastructure and Environment Team, Development Research Group is part of a larger effort in the group to understand the economics of sustainable development in developing countries"--World Bank web site."@en

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  • "Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia"@en
  • "Estimating willingess-to-pay with random valuation models : an application to Lake Sevan, Armenia"@en
  • "Estimating willingess-to-pay with random valuation models an application to Lake Sevan, Armenia"@en
  • "Estimating Willingness-to-Pay with Random Valuation Models An Application to Lake Sevan, Armenia"
  • "Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia"

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