eCite Digital Repository
The value of familiarity: Effects of knowledge and objective signals on willingness to pay for a public good
Citation
LaRiviere, J and Czajkowski, M and Hanley, N and Aanesen, M and Falk-Petersen, J and Tinch, DR, The value of familiarity: Effects of knowledge and objective signals on willingness to pay for a public good, Journal of Environmental Economics and Management, 68, (2) pp. 376-389. ISSN 0095-0696 (2014) [Refereed Article]
Copyright Statement
Copyright 2014 Elsevier Inc.
DOI: doi:10.1016/j.jeem.2014.07.004
Abstract
We design and conduct a field experiment in which treated subjects receive a precise and objective signal regarding their knowledge about a public good before estimating their WTP for it. We find that the causal effect of objective signals about the accuracy of a subject׳s knowledge for a public good can dramatically affect their valuation for it: treatment caused a significant increase of $85–$129 in WTP for well-informed individuals. We find no such effect for less informed subjects. Our results imply that WTP estimates for public goods are not only a function of true information states of the respondents but beliefs about those information states.
Item Details
Item Type: | Refereed Article |
---|---|
Keywords: | Information, Beliefs, Field Experiment, Valuation, Uncertainty, Choice experiment |
Research Division: | Economics |
Research Group: | Applied economics |
Research Field: | Environment and resource economics |
Objective Division: | Environmental Management |
Objective Group: | Other environmental management |
Objective Field: | Other environmental management not elsewhere classified |
UTAS Author: | Tinch, DR (Dr Dugald Tinch) |
ID Code: | 97862 |
Year Published: | 2014 |
Web of Science® Times Cited: | 74 |
Deposited By: | TSBE |
Deposited On: | 2015-01-16 |
Last Modified: | 2018-03-07 |
Downloads: | 0 |
Repository Staff Only: item control page