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

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Presentation transcript:

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

Why would economists survey?

Elements of a good (valid) survey? $

An example…

Than here. Source:

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

Background questions: 1.What year are you in school? 2.What is your major? 3.How many other classes are you taking this semester? 4.Male or female?

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