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The Value of Agricultural Economics Extension Programming: An Application of Contingent Valuation
Author(s) -
Roe Brian,
Haab Timothy C.,
Sohngen Brent
Publication year - 2004
Publication title -
applied economic perspectives and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.4
H-Index - 49
eISSN - 2040-5804
pISSN - 2040-5790
DOI - 10.1111/j.1467-9353.2004.00186.x
Subject(s) - contingent valuation , extension (predicate logic) , economics , valuation (finance) , value (mathematics) , agriculture , agricultural economics , microeconomics , mathematics , willingness to pay , computer science , statistics , geography , finance , programming language , archaeology
We used contingent valuation to estimate participant willingness to pay (WTP) for agricultural economics extension programming. The data, collected from evaluation forms used for a series of outlook meetings conducted by faculty from Ohio State University, and subsequent analysis suggest participant private benefits exceeded departmental costs of conducting the program (benefit‐cost ratios of 1.07 under conservative assumptions and 1.74 under moderate assumptions). We also explore the revenue generation potential from alternative program pricing and discuss the potential for developing differentiated programs to reach distinct audience segments. Additional research necessary before implementing alternative pricing or program differentiation plans is also discussed.