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The value of familiarity: Effects of knowledge and objective signals on willingness to pay for a public good

journal contribution
posted on 2023-05-18, 06:38 authored by LaRiviere, J, Czajkowski, M, Hanley, N, Aanesen, M, Falk-Petersen, J, Dugald Tinch
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.

History

Publication title

Journal of Environmental Economics and Management

Volume

68

Pagination

376-389

ISSN

0095-0696

Department/School

TSBE

Publisher

Academic Press Inc Elsevier Science

Place of publication

525 B St, Ste 1900, San Diego, USA, Ca, 92101-4495

Rights statement

Copyright 2014 Elsevier Inc.

Repository Status

  • Restricted

Socio-economic Objectives

Other environmental management not elsewhere classified

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