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Sensitivity of WTP Estimates to Definition of ‘Yes’: Reinterpreting Expressed Response Intensity

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  • Kobayashi, Mimako
  • Rollins, Kimberly S.
  • Evans, M.D.R.
Abstract
Willingness to pay (WTP) estimation typically involves some strategy for mapping nondichotomous contingent valuation (CV) responses onto a dichotomous yes/no dependent variable. We propose a new approach to selecting which responses qualify as ‘yes.’ We apply the proposed method to polychotomous CV data for preventative land management programs in the Great Basin. We also estimate WTP using other methods of response recoding found in the literature. By contrasting the results under different approaches, we demonstrate how and why WTP point estimates vary across recoding methods and discuss the comparative advantages of our more generalized recoding approach that is based on predicted probabilities of ‘yes’ responses.

Suggested Citation

  • Kobayashi, Mimako & Rollins, Kimberly S. & Evans, M.D.R., 2010. "Sensitivity of WTP Estimates to Definition of ‘Yes’: Reinterpreting Expressed Response Intensity," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 39(1), pages 1-19, February.
    • Handle: RePEc:ags:arerjl:59332
    DOI: 10.22004/ag.econ.59332
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    Cited by:

    1. Voltaire, Louinord & Pirrone, Claudio & Bailly, Denis, 2013. "Dealing with preference uncertainty in contingent willingness to pay for a nature protection program: A new approach," Ecological Economics, Elsevier, vol. 88(C), pages 76-85.
    2. Moritz A. Drupp & Zachary M. Turk & Ben Groom & Jonas Heckenhahn, 2023. "Limited substitutability, relative price changes and the uplifting of public natural capital values," Papers 2308.04400, arXiv.org, revised Mar 2024.
    3. Cristeche, Estela & Tello, Diego & de Prada, Jorge & Brescia, Victor, 2015. "Contigent Valuation with Multiple Bounded Format and Uncertainty Response of a Rural Land Zoning Program in the South of Cordoba Province, Argentina," 2015 Conference, August 9-14, 2015, Milan, Italy 211551, International Association of Agricultural Economists.

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    Keywords

    Environmental Economics and Policy;

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