Estimating Willingness-To-Pay Using A Polychotomous Choice Function: An Application To Pork Products With Environmental Attributes

• Published in: IDEAS Working Paper Series from RePEc
• Main Authors: Hurley, Sean P, Miller, Douglas J, Kliebenstein, James B
• Format: Paper
• Language: English
• Published: St. Louis Federal Reserve Bank of St. Louis 01.01.2004
• Subjects: Willingness to pay

This paper utilizes a polychotomous choice function to investigate the relationship between socioeconomic characteristics and willingness-to-pay for embedded environmental attributes. Specifically, a two-stage estimation procedure with an ordered probit selection rule is used to predict the premium...