Allowing time and money payments in contingent valuation

Ignacio Schiappacasse Bofill ()
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Ignacio Schiappacasse Bofill: Magister en Economía de Recursos Naturales y Medio Ambiente, Universidad de Concepción

No 201243, Working Papers from Latin American and Caribbean Environmental Economics Program

Abstract: This paper discusses a new approach to assess the economic value of an ecosystem service using the contingent valuation method in which the willingness to pay for the provision of the good is measured both in terms of money and working hours that individuals are willing to offer as a voluntary contribution to the realization of an environmental project. We adopt an experimental design with two elicitation questions, one related to the monetary contribution, the other to the working hours contribution, and we estimate the corresponding willingness to pay money and willingness to pay labor time using a Bivariate Probit model. The estimates are compared against those obtained through the traditional contingent valuation approach which uses only money contributions. We reject the hypothesis of independence between the time and money contributions and show that the traditional contingent valuation approach, that ignores working-hour contributions, underestimates welfare measure estimation by at least a factor of 2.

Pages: 36 pages
Date: 2012, Revised 2012
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