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Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models

Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models Abstract: An individual's rate-of-time-preference is an important consideration for individuals deciding whether to support a public good, since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the time frame of the payment schedule is varied across surveys. We find discount rates similar to the rates found in the recent revealed preference and experimental literature of around 30%. Our CVM question addresses the preservation of additional open space adjacent to a large regional park at the urban fringe of Portland, Oregon. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Identifying Individual Discount Rates and Valuing Public Open Space with Stated-Preference Models

Land Economics , Volume 4 (2) – Apr 4, 2008

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Publisher
University of Wisconsin Press
Copyright
Copyright © University of Wisconsin Press
ISSN
1543-8325
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Abstract

Abstract: An individual's rate-of-time-preference is an important consideration for individuals deciding whether to support a public good, since the benefits of a public good often come in the future. Our study finds individual discount rates from a contingent valuation method (CVM) question where the time frame of the payment schedule is varied across surveys. We find discount rates similar to the rates found in the recent revealed preference and experimental literature of around 30%. Our CVM question addresses the preservation of additional open space adjacent to a large regional park at the urban fringe of Portland, Oregon.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 4, 2008

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