ESTIMATING WILLINGNESS-TO-PAY USING A POLYCHOTOMOUS CHOICE FUNCTION: AN APPLICATION TO PORK PRODUCTS WITH ENVIRONMENTAL ATTRIBUTES
Sean P. Hurley,
Douglas J. Miller and
James B. Kliebenstein
No 19924, 2004 Annual meeting, August 1-4, Denver, CO from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)
This paper utilizes a polychotomous choice function to investigate the relationship between socioeconomic characteristics and willingness-to-pay for embedded environmental attributes. Specifically, a two-stage estimation procedure with an ordered probit selection rule is used to predict the premium payers and the magnitude of the premium they are willing to pay.
Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea04:19924
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