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Modeling willingness to pay for land conservation easements: treatment of zero and protest bids and application and policy implicationsAuthor(s): Seong-Hoon Cho; Steven T. Yen; J. Michael Bowker; David H. Newman
Source: Journal of Agricultural and Applied Economics, 40(1): 267-285
Publication Series: Miscellaneous Publication
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DescriptionThis study compares an ordered probit model and a Tobit model with selection to take into account both true zero and protest zero bids while estimating the willingness to pay (WTP) for conservation easements in Macon County, NC. By comparing the two models, the ordered/Unordered selection issue of the protest responses is analyzed to demonstrate how the treatment of protest responses can significantly influence WTP models. Both models consistently show that income and knowledge are positive and significant factors, while distance to poorer quality streams and duration of residency are negative and significant factors on WTP.
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CitationCho, Seong-Hoon; Yen, Steven T.; Bowker, J. Michael; Newman, David H. 2008. Modeling willingness to pay for land conservation easements: treatment of zero and protest bids and application and policy implications. Journal of Agricultural and Applied Economics, 40(1): 267-285
Keywordscensored dependent variable, conservation easement, protest bid, sample selection, WTP
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