Factors Influencing Convergence of Survey and Market-Based Values of an Environmental Disamenity
Mississippi State University Agricultural Economics Working Paper No. 2001-011
33 Pages Posted: 8 Dec 2001
Date Written: November 29, 2001
A database is used that combines survey and real estate data to obtain willingness to pay (WTP) measures to avoid living in proximity to a landfill. Convergence of market-based measures from a hedonic price model and hypothetical measures from contingent valuation is investigated at the level of individual respondent, using a ratio of the two measures within a sample selection framework. The sample mechanism is based on zero vs. positive stated WTP. The impact of a variety of attitudinal and demographic characteristics is investigated.
Keywords: Hedonic Pricing, Contingent Valuation, Environmental Economics, Real Estate and Housing Markets
JEL Classification: Q24, R33, Q26, R31
Suggested Citation: Suggested Citation