NDLI: Irrational Responses in Contingent Valuation and Their Potential Impacts on Mean Stated Willingness-to-pay

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Irrational Responses in Contingent Valuation and Their Potential Impacts on Mean Stated Willingness-to-pay

Content Provider	AgEcon Search
Author	He, Senhui Florkowski, Wojciech J. Jordan, Jeffrey L.
Abstract	This paper addresses the issue of rationality of responses in contingent valuation. We found a significant portion of respondents stated a positive willingness-to-pay for a project they perceived to be worthless. The irrational responses had a significant impact on the mean stated willingness-to-pay and the effect can not be removed by simply excluding the those observations from estimation. The dichotomous-choice elicitation format helps to mitigate the effect of the irrational responses, but can not completely solve the problem.
Related Links	https://ageconsearch.umn.edu/record/24914/files/cp02he27.pdf
Page Count	16
File Format	PDF
DOI	10.22004/ag.econ.24914
Language	English
Publisher Date	2002-01-01
Access Restriction	Open
Subject Keyword	Applied Economics Agricultural Economics Agri-economic Open Access Database Research in Applied Economics Research in Agricultural Economics Higher Study On Agricultural Economics Higher Study On Applied Economics Agricultural Research Documents Agrarian Economy & Research Higher Study Agri-economics Research in Economics Agri-economic Open Access Repository Statistics in Agricultural Economics Contingent Valuation, Elicitation Format, Irrational Responses, Willingness To Pay Contingent Valuation Elicitation Format Irrational Responses Willingness To Pay Consumer/household Economics
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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