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Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia, Volume 1
Author:Wang,Hua; Laplante, Benoit; Xun Wu; Meisner, Craig; Country:Armenia;
Date Stored:2004/08/26Document Date:2004/08/01
Document Type:Policy Research Working PaperSubTopics:Payment Systems & Infrastructure; Environmental Economics & Policies; Social Analysis; Economic Theory & Research; Scientific Research & Science Parks; Science Education
Language:EnglishRegion:Europe and Central Asia
Report Number:WPS3367Collection Title:Policy, Research working paper series ; no. WPS 3367
Volume No:1  

Summary: 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.

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