首页 | 本学科首页   官方微博 | 高级检索  
     


Willingness to Pay and the Cost of Commitment: An Empirical Specification and Test
Authors:Jay R. Corrigan  Catherine L. Kling  Jinhua Zhao
Affiliation:(1) Department of Economics, 0508, University of California, San Diego, La Jolla, CA 92093, USA
Abstract:In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. In a dynamic setting, however, willingness to pay may also contain a commitment cost. In this paper we incorporate the dynamic nature of the value formation process into a stated preference study designed to test whether there is an important dynamic component (commitment cost) in stated preference values. The results clearly indicate that stated preference values can contain commitment costs and that these can be quite large: respondents offered the opportunity to delay their purchasing decisions until more information became available were willing to pay significantly less for improved water quality than those facing a now-or-never decision. These results have important consequences for the design and interpretation of stated preference data.
Keywords:
本文献已被 SpringerLink 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号