Estimating willingness-to-pay with random valuation models: an application to Lake Sevan, Armenia
Hua Wang (),
Xun Wu and
Craig Meisner ()
No 3367, Policy Research Working Paper Series from The World Bank
This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models. A contingent valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan. Three elicitation formats-open-ended, closed-ended, and the stochastic payment card (SPC) approach-were used with split random samples. WTP models with heterogeneous errors were constructed and estimated with the survey data. The SPC approach produces a higher estimation of the mean WTPthan both the open-ended and closed-ended approaches, while results from the open-ended and closed-ended elicitation formats are similar. Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews.
Keywords: Payment Systems&Infrastructure; Economic Theory&Research; Social Analysis; Environmental Economics&Policies; Scientific Research&Science Parks; Environmental Economics&Policies; Social Analysis; Economic Theory&Research; Scientific Research&Science Parks; Science Education (search for similar items in EconPapers)
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