Consider a project that would involve purchasing marginal farmland that would then be allowed to return to
Question:
Consider a project that would involve purchasing marginal farmland that would then be allowed to return to wetlands capable of supporting migrant birds. Researchers designed a survey to implement the dichotomous choice method. They reported the following data:
Stated Price Fraction of Respondents
Accepting Stated Price
0 …………………………… 98
5 …………………………… 91
10 …………………………… 82
15 …………………………… 66
20 …………………………… 48
25 …………………………… 32
30 …………………………… 20
35 …………………………… 12
40 …………………………… 6
45 …………………………… 4
50 …………………………… 2
What is the mean willingness to pay for the sampled population?
Step by Step Answer:
Cost Benefit Analysis Concepts and Practice
ISBN: 978-0137002696
4th edition
Authors: Anthony Boardman, David Greenberg, Aidan Vining, David Weimer