ABSTRACTThis study explores the impact of geographical origin in consumer expectations. Willingness to pay (WTP) for geographical origin was measured in three different information conditions (blind, labeled, and both blind and labeled) using an open ended technique of contingent valuation (CV) in the framework of expectations-disconfirmation theory (EDT). The results from the EDT show that a product with a positive reputation and highly preferred by the consumer is losing continuously the premium price paid for it. The decrease of the WTP in full information condition for the most preferred origin is probably due to the lowered consumer expectations and to the damages of the good image as a result of unfair competition, usurpation, and the misappropriation of the name. Geographical indications (GIs) may offer a solution to these problems by preserving the predictive value of origin information, maintaining high consumer expectations, and also preserving the good reputation of the product. 相似文献
This article presents an econometric approach to modeling uncertainty, unwillingness to pay, and protest behavior in contingent valuation studies. For that purpose, a mixture model with sample selection is developed for a multiple‐bounded uncertainty elicitation format. The proposed theoretical framework is applied to evaluate the social welfare impact of implementing a sustainable rural development program. Results show that a “naive” analytical approach that excludes protesters from the analysis would result in significantly higher willingness to pay estimates for those individuals who favor the implementation of the program and agree to reveal their true reservation prices. 相似文献
This paper presents a theoretical framework for an assessment and valuation of real estate assets and funds, based on modern stochastic discounted cash flow (DCF) models, which accurately captures the nature of related risks. We show that an accurate risk-adjusted valuation is particularly difficult for real estate investments, due to practical limits to diversification and difficulties in approximating total risk with systematic risk. We develop a risk assessment framework that includes idiosyncratic risk but focuses on insolvency risk related to a specific cash flow profile. We also present a methodology of rating this risk, using forecasts and simulations. We conclude that simulation techniques are a valuable tool in property risk assessment. Further, we show that cost of capital and value of assets depend on diversification of specific risks, investors can achieve in their portfolios. 相似文献
ABSTRACTNew public transport infrastructure is expected to improve accessibility for local residents, and thus contribute to increased land value. The contribution that a bus rapid transit (BRT) system can make to increased land value is less certain than for rail-based systems, with the literature mostly containing bus-based examples from developing countries with extensive BRT networks. This article considers a BRT system named the Liverpool–Parramatta Transitway (LPT) that was implemented in southwestern Sydney in 2003 to improve public transport accessibility in the local area. A repeat sales model is constructed to investigate the impact of the LPT on residential housing prices and accessibility changes using repeat sales data from before and after the opening of the LPT. This identified little price difference between properties close to LPT stations and outside of the area that could be considered as affected by the LPT service coverage. This outcome is at variance with the theoretical underpinning of land value uplift and other empirical evidence relating to the LPT. Hedonic models using the same repeat sales data investigate the study area in more detail, stratifying the sample by housing type and by comparing separate before and after models. These research outcomes identify the extent to which the BRT system has an impact on local housing prices through accessibility improvements to the study area and provide a deeper understanding as to how the quantification of land value uplift from BRT represents one element of the wider economic benefits of a BRT system. 相似文献
In Norway, as in many countries, there is a political goal to increase bicycle use. The electric bicycle (e-bike) is a promising tool for achieving this goal, given the hilliness of the country. However, little is yet known about the deterrents of cycling in Norway in general, and in particular how the purchase of an e-bike could be stimulated.
In the current study, 5500 respondents from a convenience sample among car owners were asked about their perceptions of bicycling in general, and of e-bikes in particular as well as their willingness to pay (WTP) for an e-bike. Randomly selected participants (N = 66) were given access to an e-bike for a limited time (2 or 4 weeks). A second questionnaire captured the same perceptions and WTP post-intervention. The results were compared with a control group (N = 214).
The results showed that those who cycle the least were most interested in buying an e-bike and that prior knowledge of the e-bike corresponded with a higher desire to buy one. Pro-environmental values did not predict interest in e-bikes, neither did norms and attitudes toward cycling. The WTP for an e-bike increased after having experienced the benefits for those who used an e-bike compared to those who did not. Price reduction of the e-bike (e.g. VAT exemption), spread of knowledge among the wider population, and actions to offer an e-bike experience may therefore be effective strategies for further expansion of the e-bike in the transport system and thereby to increase bicycle use in Norway. 相似文献