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Estimating Willingness to Pay Using a Polychotomous Choice Function: An Application to Pork Products with Environmental Attributes AgEcon
Hurley, Sean P.; Miller, Douglas J.; Kliebenstein, James B..
Bid data from a Vickrey auction for pork chops with embedded environmental attributes were analyzed. It was found that approximately 62% of the participants had a positive WTP for the most "environmentally friendly" package of pork. Thirty percent of the participants had no WTP, and 8% had a negative WTP. A polychotomous choice model was used to accommodate data having an anchoring point within the distribution of the data. Standard variables found in the WTP literature coupled with this model were used to predict participants who were premium payers and non-premium payers using an estimated ordered probit equation.
Tipo: Journal Article Palavras-chave: Anchoring points; Environmental attributes; Ordered probit; Polychotomous choice functions; Pork; Vickrey auction; Willingness to pay; Consumer/Household Economics; Demand and Price Analysis.
Ano: 2006 URL: http://purl.umn.edu/8618
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Regional asymmetries in farm size AgEcon
Huettel, Silke; Margarian, Anne; von Schlippenbach, Vanessa.
This paper explores how the initial farm size structure affects the exit decision of farms inducing free land capacities, and the allocation of the newly available land resources to the remaining farms in a particular region. We model an agricultural market where large and small firms first decide whether to leave the market or not; in case of continuing in production the farms compete for getting access to additional land resources in a Vickrey auction. We find that larger farms allocate more additional quantity than small farms; the latter are more likely to leave the market. An empirical illustration gives further support and reveals the relation between farm size structure, farm exits and growth of the large.
Tipo: Conference Paper or Presentation Palavras-chave: Asymmetries; Land market; Capacity allocation; Vickrey auction; Agricultural and Food Policy; Farm Management; Land Economics/Use; L11; L12; Q12.
Ano: 2010 URL: http://purl.umn.edu/62046
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