Joint estimation of discount rates and willingness to pay for public goods

Craig A. Bond, Kelly Giraud Cullen and Douglas M. Larson

Ecological Economics, 2009, vol. 68, issue 11, 2751-2759

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.

Keywords: Endangered; Discounting; Recovery; Wildlife; Species; Contingent; valuation; Sea; lions (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (21)

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