Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia, Vol. 1 of 1

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Estimating willingness-to-pay with random valuation models : an application to Lake Sevan, Armenia

Author:	Wang,Hua; Laplante, Benoit; Xun Wu; Meisner, Craig;	Collection Title:	Policy, Research working paper series ; no. WPS 3367
Country:	Armenia;	Date Stored:	2004/08/26
Document Date:	2004/08/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	Europe and Central Asia
Report Number:	WPS3367	SubTopics:	Environmental Economics & Policies; Social Analysis; Scientific Research & Science Parks; Payment Systems & Infrastructure; Economic Theory & Research; Science Education
Volume No:	1 of 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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