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Changing Consumer Willingness to Pay: a time series evaluation of factors impacting Floridians’ desire to preserve water resources

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Listed:
  • McKee, Brandon
  • Lamm, Alexa
  • McFadden, Brandon

Abstract

This study sought to gauge Florida’s consumers’ willingness to pay for protecting the future of Florida’s water supply from 2013 to 2016. This study used a value approach for estimating consumer’s willingness to pay for a 10 percent and a 50 percent increase in their water bill. The study also sought to identify dissonance between Florida’s consumers to determine influencers of their willingness to pay. The study found an increasing percentage of consumers willing to support the protection of Florida’s water supply since 2013. As well, income was a common factor influencing respondent’s willingness to pay. Knowing this dissonance can help decision makers make informed polices and regulations about future water conservation strategies for the future.

Suggested Citation

  • McKee, Brandon & Lamm, Alexa & McFadden, Brandon, 2018. "Changing Consumer Willingness to Pay: a time series evaluation of factors impacting Floridians’ desire to preserve water resources," 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida 266590, Southern Agricultural Economics Association.
    • Handle: RePEc:ags:saea18:266590
    DOI: 10.22004/ag.econ.266590
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    Environmental Economics and Policy;

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