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Estimating Willingness to Pay

In: Project Analysis in Developing Countries

Author

Listed:
  • Steve Curry

    (International Development Economist and Consultant)

  • John Weiss

    (University of Bradford)

Abstract

The chapter discusses the procedures for valuing outputs from projects in non-traded sectors. Much public expenditure is now focused on economic and social infrastructure, which by their nature cannot be traded internationally. Hence, this is an area of great practical concern. As pointed out earlier, the treatment of their benefits is less straightforward than where traded output is involved, as it relies on an estimate of value in the domestic, not the international market, and is based on what consumers are willing to pay. This requires a way of approximating the demand curve for the good or service involved. The chapter discusses ways of doing this, focusing particularly on survey approaches. In addition, there will be projects from sectors where output is not sold in a market, such as environmental projects, and from sectors like health and education, where valuing benefits on the basis of individual consumer decisions is controversial. The case of benefits in transport, education, and health are discussed in Chap. 10 , and that of environmental effects in Chap. 11 .

Suggested Citation

  • Steve Curry & John Weiss, 2023. "Estimating Willingness to Pay," Springer Books, in: Project Analysis in Developing Countries, edition 3, chapter 0, pages 195-226, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-40014-8_7
    DOI: 10.1007/978-3-031-40014-8_7
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