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...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, D.C.
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/08/5066130/estimating-willingness-to-pay-random-valuation-models-application-lake-sevan-armenia http://hdl.handle.net/10986/14158 |
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okr-10986-141582021-04-23T14:03:21Z Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia Wang, Hua Laplante, Benoit Wu, Xun Meisner, Craig ACTIONS AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CORRELATIONS DATA COLLECTION DICHOTOMOUS CHOICE DISCUSSIONS ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY INCOME INTERVIEWS MAIL SURVEYS MODELING OPINIONS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN RESEARCH FINDINGS RESEARCH WORKING PAPERS RESEARCHERS SAMPLE DESIGN SCENARIO SCENARIOS SMALL BUSINESS SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WTP AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CONTINGENT VALUATION METHOD DATA COLLECTION DEPOSITORY DICHOTOMOUS CHOICE DISCHARGE DISCUSSIONS ECONOMETRIC MODEL ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY EXPENDITURE FINANCIAL ASSISTANCE FINANCIAL SUPPORT FORESTS HOUSEHOLDS HYDROELECTRIC POWER INCOME INTERVIEWS MAIL SURVEYS NONUSE VALUE OPINIONS PAYMENT CARDS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN SAMPLE DESIGN SMALL BUSINESS STOCHASTIC THEORY SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WILLINGNESS TO PAY 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. 2013-06-24T19:13:41Z 2013-06-24T19:13:41Z 2004-08 http://documents.worldbank.org/curated/en/2004/08/5066130/estimating-willingness-to-pay-random-valuation-models-application-lake-sevan-armenia http://hdl.handle.net/10986/14158 English en_US Policy Research Working Paper;No.3367 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Armenia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACTIONS AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CORRELATIONS DATA COLLECTION DICHOTOMOUS CHOICE DISCUSSIONS ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY INCOME INTERVIEWS MAIL SURVEYS MODELING OPINIONS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN RESEARCH FINDINGS RESEARCH WORKING PAPERS RESEARCHERS SAMPLE DESIGN SCENARIO SCENARIOS SMALL BUSINESS SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WTP AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CONTINGENT VALUATION METHOD DATA COLLECTION DEPOSITORY DICHOTOMOUS CHOICE DISCHARGE DISCUSSIONS ECONOMETRIC MODEL ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY EXPENDITURE FINANCIAL ASSISTANCE FINANCIAL SUPPORT FORESTS HOUSEHOLDS HYDROELECTRIC POWER INCOME INTERVIEWS MAIL SURVEYS NONUSE VALUE OPINIONS PAYMENT CARDS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN SAMPLE DESIGN SMALL BUSINESS STOCHASTIC THEORY SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WILLINGNESS TO PAY |
| spellingShingle |
ACTIONS AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CORRELATIONS DATA COLLECTION DICHOTOMOUS CHOICE DISCUSSIONS ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY INCOME INTERVIEWS MAIL SURVEYS MODELING OPINIONS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN RESEARCH FINDINGS RESEARCH WORKING PAPERS RESEARCHERS SAMPLE DESIGN SCENARIO SCENARIOS SMALL BUSINESS SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WTP AGRICULTURE AIR QUALITY CHANGE CONTINGENT VALUATION CONTINGENT VALUATION METHOD DATA COLLECTION DEPOSITORY DICHOTOMOUS CHOICE DISCHARGE DISCUSSIONS ECONOMETRIC MODEL ECONOMIC VALUE ENVIRONMENTAL PROTECTION ENVIRONMENTAL QUALITY EXPENDITURE FINANCIAL ASSISTANCE FINANCIAL SUPPORT FORESTS HOUSEHOLDS HYDROELECTRIC POWER INCOME INTERVIEWS MAIL SURVEYS NONUSE VALUE OPINIONS PAYMENT CARDS PERCEPTIONS PRICE INCREASES PUBLIC GOOD QUESTIONNAIRE QUESTIONNAIRES RANDOM SAMPLES RESEARCH DESIGN SAMPLE DESIGN SMALL BUSINESS STOCHASTIC THEORY SURVEY DATA SURVEY IMPLEMENTATION UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION WATERSHED WETLANDS WILLINGNESS TO PAY Wang, Hua Laplante, Benoit Wu, Xun Meisner, Craig Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| geographic_facet |
Europe and Central Asia Armenia |
| relation |
Policy Research Working Paper;No.3367 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Wang, Hua Laplante, Benoit Wu, Xun Meisner, Craig |
| author_facet |
Wang, Hua Laplante, Benoit Wu, Xun Meisner, Craig |
| author_sort |
Wang, Hua |
| title |
Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| title_short |
Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| title_full |
Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| title_fullStr |
Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| title_full_unstemmed |
Estimating Willingness-to-Pay with Random Valuation Models: An Application to Lake Sevan, Armenia |
| title_sort |
estimating willingness-to-pay with random valuation models: an application to lake sevan, armenia |
| publisher |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/08/5066130/estimating-willingness-to-pay-random-valuation-models-application-lake-sevan-armenia http://hdl.handle.net/10986/14158 |
| _version_ |
1764430509794918400 |