Combining Willingness to Pay and Behavior Data with Limited Information

ASU Author/Contributor (non-ASU co-authors, if there are any, appear on document)
John Whitehead Ph.D., Professor & Department Chair (Creator)
Institution
Appalachian State University (ASU )
Web Site: http://www.library.appstate.edu/

Abstract: In order to incorporate behavioral change in the willingness to pay model we jointly estimate contingent valuation and revealed and contingent behavior data. The willingness to pay model includes the change in the number of recreation trips as an independent variable. Models that do not account for the endogeneity of trips produce inconsistent coefficient estimates. Accounting for the endogeneity of the change in trips in both independent and jointly estimated models of willingness to pay and behavior leads to an increase in the ratio of use value to total value.

Additional Information

Publication
Whitehead, J. C. (2005) Combining Willingness to Pay and Behavior Data with Limited Information, Resource and Energy Economics, 27(2):143-155 (June 2005). Published by Elsevier (ISSN: 0928-7655).
Language: English
Date: 2005