Joint estimation of discount rates and willingness to pay for public goods |
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| Authors: | Craig A Bond Kelly Giraud Cullen Douglas M Larson |
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| Institution: | aDepartment of Agricultural and Resource Economics, Colorado State University, 311B Clark, Ft. Collins, CO 80526, USA;bDepartment of Natural Resources and the Environment, University of New Hampshire, USA;cDepartment of Agricultural and Resource Economics, University of California, Davis, USA |
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| Abstract: | We analyze willingness to pay (WTP) for environmental programs whose time periods of benefit and repayment differ, using a net present value framework that identifies parameters of both WTP and personal discount rates. Respondents to a contingent valuation survey focusing on protection of critical habitat buffer zones for the endangered Steller Sea Lion in Alaska were asked their willingness to pay for 1-, 5-, and 15-year repayment periods. We jointly estimate the personal discount rates and WTP via maximum likelihood, and compare with a model assuming a fixed, market discount rate. |
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| Keywords: | Endangered Discounting Recovery Wildlife Species Contingent valuation Sea lions |
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