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The aim of the study reported in this paper is to test the hypothesis that individual utility of wealth functions may violate the assumption of smoothness that underpins the standard analysis of the Value of Statistical Life (VSL)...
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The aim of the study reported in this paper is to test the hypothesis that individual utility of wealth functions may violate the assumption of smoothness that underpins the standard analysis of the Value of Statistical Life (VSL) and safety. In order to do so we examine the way in which the Willingness to Accept/Willingness to Pay (WTA/WTP) ratio varies as the severity of a health complaint is reduced. We find that as the severity of the health effect is reduced, the WTA/WTP ratio converges across the sample and tends to a level that does not significantly exceed unity. While we acknowledge that this does not constitute conclusive evidence of smoothness, it does suggest that the case in favour of the assumption that individual utility of wealth functions tend to display a kink at the current level of wealth is less than wholly persuasive.
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Willingness to pay (WTP-how much one is willing to pay for something) and willingness to buy (WTB-whether one is willing to buy something at a given price) are two common methods to elicit valuations and normatively should yield t...
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Willingness to pay (WTP-how much one is willing to pay for something) and willingness to buy (WTB-whether one is willing to buy something at a given price) are two common methods to elicit valuations and normatively should yield the same valuation order between two options. However, this research finds that WTP and WTB can yield opposite valuation orders between the regular offer and the promotional offer of a product. Specifically, it demonstrate that, (a) if the valuation of a product is only elicited with WTP, consumers value the product less when it is offered with a price promotion than when it is not; (b) if the valuation of a product is only elicited with WTB, consumers value the product more when it is offered with a price promotion than when it is not; and (c) if the valuation of a product is first elicited with WTP and then elicited with WTB, consumers always value the product less when it is offered with a price promotion than when it is not. A value-inference account is proposed for the above findings, according to which, consumers infer the value of a promoted product differently when the valuation is elicited only with WTP or only with WTB. Theoretically, this research extends prior literature on sales promotion, showing that the valuation of a promotion is subject to the elicitation method. Practically, this research suggests how to help consumers manage their purchase intentions for promoted products.
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This paper considers the simple neoclassical economics of price gaps in the absence of income effects. Our guiding principle is that price gaps reflect a fundamental economic principle: buy low and sell high. It is demonstrated th...
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This paper considers the simple neoclassical economics of price gaps in the absence of income effects. Our guiding principle is that price gaps reflect a fundamental economic principle: buy low and sell high. It is demonstrated that neoclassical theory makes clear and economically testable predictions about these price gaps.
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This paper tests whether individual perceptions of markets as good or bad for a public good is correlated with the propensity to report gaps in willingness to pay and willingness to accept revealed within an incentive compatible m...
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This paper tests whether individual perceptions of markets as good or bad for a public good is correlated with the propensity to report gaps in willingness to pay and willingness to accept revealed within an incentive compatible mechanism. Identifying people based on a notion of market affinity, we find a substantial part of the gap can be explained by controlling for some variables that were not controlled for before. This result suggests the valuation gap for public goods can be reduced through well-defined variables.
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In this paper we present results from two choice experiments (CE), designed to take account of the different negative externalities associated with pesticide use in agricultural production. For cereal production, the most probable...
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In this paper we present results from two choice experiments (CE), designed to take account of the different negative externalities associated with pesticide use in agricultural production. For cereal production, the most probable impact of pesticide use is a reduction in environmental quality. For fruit and vegetable production, the negative externality is on consumer health. Using latent class models we find evidence of the presence of preference heterogeneity in addition to reasonably high willingness to pay (WTP) estimates for a reduction in the use of pesticides for both environmental quality and consumer health. To place our WTP estimates in a policy context we convert them into an equivalent pesticide tax by type of externality. Our tax estimates suggest that pesticide taxes based on the primary externality resulting from a particular mode of agricultural production are a credible policy option that warrants further consideration.
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Willingness to Pay (WTP) and Willingness to Accept (WTA) is the mainstream of the contingent valuation method (CVM) and especially the willingness to pay techniques is widely used in valuating public goods and ecosystem services i...
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Willingness to Pay (WTP) and Willingness to Accept (WTA) is the mainstream of the contingent valuation method (CVM) and especially the willingness to pay techniques is widely used in valuating public goods and ecosystem services in many areas in the world. The main technique of WTP in CVM is to achieve the maximum value that public would like to pay for some ecosystem services; unfortunately, it is always accompanied by a psychological phenomenon as free rider, since actually, everyone can enjoy the public goods equally no matter how much they paid, which is also the definition and feature of the public goods. While, although recent advances have considerably reduced the biases and shortcomings of CVM such as embedding effect and hypothetical bias. Researchers still faced with a need for a new method, which is fundamentally interfered with less psychological factors. This paper presents a first attempt to build the theory of Willingness to Sell (WTS) to quantify the economic value of the ecosystem services on the basis of the combination of existing environmental science and economics. WTS is a method to achieve a reasonable equilibrium price through the public judgment on the value of public goods or ecosystem services rather than the production costs of the supplier. The theoretical construction, mathematical modeling, implementation of the process, and survey method and question designs of WTS have been discussed and presented in this research. We believe that a more objective and reliable economic value of ecosystem service could be drawn through the combination of the new method and existing WTP and WTA skills, and the validity of CVM method research will also be greatly improved.
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Abstract The application of conjoint analysis to new product development is challenged in studies of complex products that simultaneously examine the major drivers of a purchase decision and the composition of product components. ...
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Abstract The application of conjoint analysis to new product development is challenged in studies of complex products that simultaneously examine the major drivers of a purchase decision and the composition of product components. Demands on data increase as more product features are included in an analysis, and at some point it becomes necessary to study the components separately. This paper presents evidence of a non-linear pricing effect that complicates the analysis of large conjoint studies when multiple conjoint exercises are integrated, or bridged into a single analysis. Our model is illustrated with data from the automotive industry showing that option packages are under-valued without accounting for the non-linear effects of price.
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This study reports a new meta-analysis of papers that elicit willingness-to-pay (WTP) and willingness-to-accept compensation (WTA) measures of value for the same good. We investigate the effects of type of good and several survey-...
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This study reports a new meta-analysis of papers that elicit willingness-to-pay (WTP) and willingness-to-accept compensation (WTA) measures of value for the same good. We investigate the effects of type of good and several survey-design features on the WTP/ WTA disparity, measured as the logarithm of the ratio of mean WTA to mean WTP. Confirming Horowitz and McConnell's (2002) pioneering meta-analysis, we find the disparity is smaller for ordinary private goods than for public and non-market goods, that it is not solely an artifact of using hypothetical transactions or other weak experimental or survey methods, and that it is smaller for studies using student subjects. In addition, we find that the disparity is smaller when subjects have experience valuing the good in real markets or through repeated experimental trials. In contrast to Horowitz and McConnell, we find the disparity is significantly smaller in studies using incentive-compatible elicitation mechanisms. The disparity is smaller in more recent studies, an effect that is attributable only in part to changes in study characteristics.
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Different levels of ability and willingness to pay society encourages research to see how much the level of ability and willingness of the community especially the informal sector workers who are vulnerable to disease. Parking att...
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Different levels of ability and willingness to pay society encourages research to see how much the level of ability and willingness of the community especially the informal sector workers who are vulnerable to disease. Parking attendants who have no fixed income, and working outdoors is an object of research is interesting to examine the ability to pay and willingness to pay for public health care in Banyumas district. This descriptive research used consumption survey by 1 month ?recall for food budget and non food budget to scalling ATP. The Contingent Valuation Methode (CVM) used to scalling the WTP. Number of samples in this research is 40 people. Parking attendants ?in Banyumas District have Average of ATP was Rp. 21.706,6. The ?respondents have average of WTP ?Rp. 9262,5 for outpatient service in public health centers. The respondents have average of WTP Rp. 121.500,0 for inpatient service in public health centers. The ATP of the parking attendant health services is higher than the WTP outpatient of the parking attendant, and is lower than the WTP inpatient of the parking attendant.? Parking attedants should follow the health insurance so that if the events requiring inpatients service in public health centers.
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The reliable and renewable Electricity services have a substantial contribution to the environment, economy, and social cohesion. Nevertheless, in developing countries like Ethiopia, electricity services are irregular and unreliab...
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The reliable and renewable Electricity services have a substantial contribution to the environment, economy, and social cohesion. Nevertheless, in developing countries like Ethiopia, electricity services are irregular and unreliable. The study aims to analyze households' preference for reliable electricity services using primary data collected from 210 sample households in Hosanna and Durame towns of Southern Ethiopia. The households' preferences were analyzed using the choice experiment valuation technique. The study used both Conditional and Mixed Logit models to estimate the mean and marginal Willingness to Pay (WTP) for the attributes. The result suggests that households are willing to pay 230.84 ETB ($8.34), 229.34 ETB ($8.2), 2230 ETB ($8.3), and 230 ETB ($8.26) per month for improvement scenario one, two, three and four respectively in addition to the current monthly charge. Hence, the government should heavily invest in improving electricity transmission and distribution capacity besides upscaling the generation capacity.
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