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Estimating willingness to pay: Why and how?

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  • Peter Bohm

Abstract

The main purpose of this article is to advance a set of conditions which demand-revealing mechanisms must pass in order to be politically acceptable for real-world applications and - to begin with - for real-world experiments. Without such non-laboratory experiments, real progress seems unlikely to take place in this field. So far, there are few indications that these conditions can be met with respect to the proposals made in the literature on public goods. One possible example of a mechanism that meets the ""acceptability"" conditions is given here. In addition, we present some comments as to why demand-revealing mechanisms constitute and important economic problem, a view which has recently been questioned.

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  • Peter Bohm, 1979. "Estimating willingness to pay: Why and how?," Framed Field Experiments 00127, The Field Experiments Website.
    • Handle: RePEc:feb:framed:00127
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    Cited by:

    1. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
    2. C. D. Throsby, 1982. "Economics and the Arts: A Review of Seven Years," The Economic Record, The Economic Society of Australia, vol. 58(3), pages 242-252, September.
    3. Banerjee, Prasenjit & Shogren, Jason F., 2014. "Bidding behavior given point and interval values in a second-price auction," Journal of Economic Behavior & Organization, Elsevier, vol. 97(C), pages 126-137.
    4. Francois Bonnieux & Dominique Vermersch, 1993. "Bénéfices et coûts de la protection de l'eau : application de l'approche contingente à la pêche sportive," Post-Print hal-01594132, HAL.
    5. Torero, Maximo & Chowdhury, Shyamal K. & Galdo, Virgilio, 2003. "Willingness to pay for the rural telephone service in Bangladesh and Peru," Information Economics and Policy, Elsevier, vol. 15(3), pages 327-361, September.
    6. Henk Folmer & Olof Johansson-Stenman, 2011. "Does Environmental Economics Produce Aeroplanes Without Engines? On the Need for an Environmental Social Science," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 48(3), pages 337-361, March.
    7. Zonna, Davide, 2016. "Sprechi di cibo e tentativi di riduzione. Un caso sperimentale [Avoiding food waste. A field experiment]," MPRA Paper 76097, University Library of Munich, Germany.
    8. J.D. Snowball & G.G. Antrobus, 2001. "Measuring The Value Of The Arts To Society: The Importance Of The Value Of Externalities For Lower Income And Education Groups In South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 69(4), pages 752-766, December.
    9. D. Kenyon, 1984. "Preference revelation and supply response in the arena of local government," Public Choice, Springer, vol. 42(2), pages 147-160, January.

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