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

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?

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