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Why the WTA - WTP disparity mattersAuthor(s): Brown Thomas C.; Gregory R.
Source: Ecological economics. 28(3): 323–335
Publication Series: Miscellaneous Publication
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DescriptionThe disparity between willingness to pay (WTP) and willingness to accept compensation (WTA) has been demonstrated repeatedly. Because using WTP estimates of value where a WTA estimate is appropriate tends to undervalue environmental assets, this issue is important to environmental managers. We summarize reasons for the disparity and then discuss some of the implications for management of environmental assets. We end by suggesting some approaches for dealing with the lack of credible methods for estimating WTA values of environmental goods.
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CitationBrown Thomas C.; Gregory R. 1999. Why the WTA - WTP disparity matters. Ecological economics. 28(3): 323–335
Keywordseconomic value, willingness to pay, willingness to accept compensation, resource allocation, damage assessment
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