Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications

Seong-Hoon Cho (), Steven T. Yen, James Michael Bowker and David H. Newman

Journal of Agricultural and Applied Economics, 2008, vol. 40, issue 01, 19

Abstract: This study compares an ordered probit model and a Tobit model with selection to take into account both true zero and protest zero bids while estimating the willingness to pay (WTP) for conservation easements in Macon County, NC. By comparing the two models, the ordered/unordered selection issue of the protest responses is analyzed to demonstrate how the treatment of protest responses can significantly influence WTP models. Both models consistently show that income and knowledge are positive and significant factors, while distance to poorer quality streams and duration of residency are negative and significant factors on WTP.

Keywords: Agribusiness; Land Economics/Use; Political Economy (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (16)

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Journal Article: Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:joaaec:45524

DOI: 10.22004/ag.econ.45524

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