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| Author: | Johansson, P.-O. |
| Title: | Commodity prices as payment vehicles in valuation experiments |
| Journal: | Environmental and Resource Economics
1996 : SEP, VOL. 8:2, p. 247-254 |
| Index terms: | ENVIRONMENTAL ECONOMICS COMMODITY PRICES VALUATION |
| Language: | eng |
| Abstract: | Many contingent valuation experiments use commodity prices as the payment vehicle. In this note it is shown, in general, that this approach does not allow the investigator to extract the respondent's willingness to pay. However , it is also shown how the valuation question can be formulated so as to yield a commodity price payment vehicle which is equivalent to a lump sum payment. The conventional willingness-to-pay question is stated in terms of a lump-sum payment. |
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