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Systematic Variation in Willingness to Pay for Aquatic Resource Improvements and Implications for Benefit Transfer: A Meta‐Analysis
Author(s) -
Johnston Robert J.,
Besedin Elena Y.,
Iovanna Richard,
Miller Christopher J.,
Wardwell Ryan F.,
Ranson Matthew H.
Publication year - 2005
Publication title -
canadian journal of agricultural economics/revue canadienne d'agroeconomie
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 37
eISSN - 1744-7976
pISSN - 0008-3976
DOI - 10.1111/j.1744-7976.2005.04018.x
Subject(s) - willingness to pay , meta analysis , context (archaeology) , econometrics , salient , variance (accounting) , resource (disambiguation) , preference , economics , variation (astronomy) , reliability (semiconductor) , welfare , estimation , public economics , computer science , microeconomics , geography , medicine , computer network , physics , market economy , power (physics) , accounting , archaeology , management , quantum mechanics , artificial intelligence , astrophysics
Researchers are increasingly considering benefit transfer approaches that allow welfare measures to be adjusted for characteristics of the policy context. The validity and reliability of such adjustments, however, depends on the presence of systematic variation in underlying WTP. This paper describes a meta‐analysis conducted to identify systematic components of WTP for aquatic resource improvements. Model results reveal systematic patterns in WTP unapparent from stated preference models considered in isolation, and suggest that observable attributes account for a substantial proportion of the variance in WTP estimates across studies. The analysis also exposes challenges faced in development, estimation, and interpretation of meta‐models for benefit transfer and welfare guidance. These challenges remain salient even in cases where the statistical performance of meta‐models is satisfactory.