Substitution Effects in CVM Values
Ronald G. Cummings,
Philip Ganderton and
American Journal of Agricultural Economics, 1994, vol. 76, issue 2, 205-214
There is increasing recognition that statistical estimates of the average willingness to pay for environmental programs may be biased by the failure of respondents, or of the statistical methodology, to consider the effect of substitute programs and goods. We design and implement a CVM survey that estimates the impact of substitution effects on the willingness to pay for an environmental program. We find a statistically significant impact and suggest that the set of potential substitutes is very large.
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:2:p:205-214.
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