Identifying Individual Discount Rates and Valuing Public Open Space with Stated Preference Models

Kent Kovacs () and Douglas M. Larson

No 9743, 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: An individual's rate of time preference is an important consideration for individuals deciding whether to support a public good since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the time frame of the payment schedule is varied across surveys. We find discount rates similar to the rates found in the recent revealed preference and experimental literature of around 30%. Our CVM question addresses the preservation of additional open space adjacent to a large regional park at the urban fringe of Portland, Oregon.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 36
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea07:9743

DOI: 10.22004/ag.econ.9743

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