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

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.


Issue Date:
2007
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/9743
Total Pages:
36
JEL Codes:
H43; Q51; Q15
Series Statement:
AERE Selected Paper 181143




 Record created 2017-04-01, last modified 2017-08-23

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