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Estimating Willingness to Pay (WTP) for Nonmarket Goods Using Surveys

Estimating Willingness to Pay (WTP) for Nonmarket Goods Using Surveys . (Source: Exxon Valdez Oil Spill Trustee Council ). Why would economists survey?. Elements of a good (valid) survey?. $. An example…. Than here.

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Estimating Willingness to Pay (WTP) for Nonmarket Goods Using Surveys

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  1. Estimating Willingness to Pay (WTP) for Nonmarket Goods Using Surveys (Source: Exxon Valdez Oil Spill Trustee Council)

  2. Why would economists survey?

  3. Elements of a good (valid) survey? $

  4. An example…

  5. Than here. Source: http://news.bbc.co.uk/cbbcnews/hi/sci_tech/newsid_3304000/3304803.stm

  6. Would you pay $20 to cancel class next Friday?(If the WTP estimated from your responses is high enough, class will be canceled.)

  7. Background questions: What year are you in school? What is your major? How many other classes are you taking this semester? Male or female?

  8. Collected Responses: Estimated WTP = $20x(6/9) = $13.33

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