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"Willingness to pay"
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Willingness to pay framework : climate change mitigation in households
\"This book aims to develop a framework for the assessment of population preferences in climate change mitigation policies by applying Willingness to Pay (WTP) approach and presents the results from several case studies in Lithuania on renewable energy generation and renovation in different households. These analyses of climate change mitigation policies and measures, based on the assessment of their effectiveness, provide recommendations for developing innovative measures in other countries. Since public preferences are variable, climate change mitigation policies can change these preferences and allow to form new ones. A useful reference for academics, policy makers, and business community\"-- Provided by publisher.
Book
Utility in Willingness to Pay Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps
We compare two approaches for estimating the distribution of consumers' willingness to pay (WTP) in discrete choice models. The usual procedure is to estimate the distribution of the utility coefficients and then derive the distribution of WTP, which is the ratio of coefficients. The alternative is to estimate the distribution of WTP directly. We apply both approaches to data on site choice in the Alps. We find that the alternative approach fits the data better, reduces the incidence of exceedingly large estimated WTP values, and provides the analyst with greater control in specifying and testing the distribution of WTP.
Journal Article
Extended Theory of Planned Behavior for Predicting the Willingness to Pay for Municipal Solid Waste Management in Beijing
Municipal solid waste (MSW) management has become a problem in China, mainly since there is no uniform standard for MSW management charges, causing conflict between local residents and the government. An intelligent garbage sorting system (IGSS) is an effective sorting approach for MSW management. To explore the predictors of local residents’ willingness to pay (WTP) for the IGSS, this study applied an extended theory of planned behavior (TPB) model by adding an antecedent environmental concern (EC) prior to the main predictors of the TPB model (attitudes, subject norms, perceived behavioral control). The WTP of Beijing residents for MSW management and the determinants of WTP were analyzed. The specific amount of WTP was predicted by a contingent valuation method (CVM) in an online questionnaire, and the mean WTP was estimated to be USD 49.93 per household per year. The results showed a positive connection between EC and residents’ WTP, and most of the participants were willing to pay for the IGSS for MSW management.
Journal Article
Effects of Label Information on Consumer Willingness-to-Pay for Food Attributes
Choice experiments (CEs) are often used to elicit consumer willingness-to-pay (WTP) for food attributes. A concern about these approaches is that food attributes provided to respondents are assumed independent of attributes not provided. We use surveys containing a series of CEs to investigate effects of adding beef steak attributes. WTP for important attributes in the CEs decrease when the number of attributes increases from three to four, while WTP increases when the number of attributes increases from four to five. Changes in WTP for attributes depend on their relationships with newly added attributes and the number of attributes presented.
Journal Article
Societal willingness to pay for wild food conservation in Italy: Exploring spatial dimensions of preferences
Forests contribute to human well‐being by offering various ecosystem services (ES), including wild food and other products. While previous studies have typically focused on formally marketed wild foods, there is a growing need to understand the broader significance of wild foods as cultural ES and the factors influencing societal preferences for their supply and maintenance. We conducted a study in Italy, a country with a rich cultural heritage associated with wild food, using data from a discrete choice experiment to analyse how people value wild food (specifically, mushrooms, wild berries and wild herbs) and map their preferences. Our findings revealed respondents' willingness to allocate resources to forest programmes that increase and conserve wild foods, indicating their high‐perceived value as ES. We found that regional traditions are a key motivation for collecting wild food, and that respondents typically collect within their regions. The results highlight the importance of integrating regional spatial dynamics to comprehensively understand societal preferences for ES, particularly in the context of local food systems. Read the free Plain Language Summary for this article on the Journal blog. Read the free Plain Language Summary for this article on the Journal blog.
Journal Article
Effects of the National Bioengineered Food Disclosure Standard
After much debate, the United States recently adopted a law that will require mandatory labeling of genetically modified (GM) food. We elicit willingness-to-pay (WTP) for manufactured and fresh foods that communicate the presence or absence of GM material. We find that a text disclosing the presence of GM material lowers WTP relative to a QR code disclosure that must be scanned. Furthermore, participants perceive Non-GMO Project verified and organic as substitutes; WTP premiums for a product with both Non-GMO Project verified and organic labels is about the same as the WTP premium when either label is present in isolation.
Journal Article
Willingness to pay for haemodialysis among patients with chronic kidney disease in Abuja, Nigeria
Background
Evidence of willingness to pay for kidney replacement therapy is scarce in low-middle-income countries, including Nigeria’s Formal Sector Social Health Insurance Programme. The study, therefore, assessed the willingness to pay for haemodialysis among chronic kidney disease patients in Abuja, Nigeria.
Methods
The study adopted a cross-sectional survey design. We used the contingent valuation method to estimate the maximum stated willingness to pay (WTP) for haemodialysis among end-stage kidney disease (ESKD) patients. We obtained informed written consent from respondents before data collection. The socio-demographic characteristics and willingness to pay data were summarized using descriptive statistics. We evaluated the mean differences in respondents’ WTP using Mann-Whitney and Kruskal-Wallis tests. All variables that had
p
< 0.25 in the bivariate analysis were included in the Generalized Linear Model (gamma with link function) to determine the predictors of the WTP for one’s and another’s haemodialysis. The level of significance in the final model was ρ < 0.05.
Results
About 88.3% and 64.8% of ESKD patients were willing to pay for personal and altruistic haemodialysis, correspondingly. The mean annual WTP for haemodialysis for one’s and altruistic haemodialysis was USD25,999.06 and USD 1539.89, respectively. Private hospital patients were likelier to pay for their haemodialysis (β = 0.39, 95%CI: 0.21 to 0.57,
p
< 0.001). Patients attending public-private partnership hospitals were less likely to pay for altruistic haemodialysis than those attending public hospitals (β = -1.65, 95%CI: -2.51 to -0.79,
p
< 0.001).
Conclusions
The willingness to pay for haemodialysis for themselves and others was high. The type of facility ESKD patients attended influenced their willingness to pay for haemodialysis. The findings highlight the need for policies to enhance affordable and equitable access to haemodialysis in Nigeria through pre-payment mechanisms and altruistic financing strategies.
Journal Article
Factors influencing willingness of customers of environmentally friendly hotels to pay a price premium
Purpose
The purpose of this paper is to investigate the influence of customers’ environmental concerns, customers’ perceptions of a hotel’s environmental practices and of the hotels’ environmentally friendly images, on customers’ willingness to pay a price premium to stay at environmentally friendly hotels.
Design/methodology/approach
The theoretical framework comprises both social identity theory and value-belief-norm theory. The data were collected through a survey of 454 customers staying at eco-friendly hotels in Spain. The research model is tested by using a structural equation modelling approach.
Findings
The findings illustrate that customers’ environmental concerns have a greater explanatory value on their willingness to pay a price premium than do their perceptions of the hotels’ environmental practices. Furthermore, these causal relationships are similar in magnitude when considering the mediating effects of the hotels’ eco-friendly image and the environmental practices.
Research limitations/implications
The empirical findings provide managers with a better understanding of how customers’ environmental concerns and their own sense of identification with environmentally friendly hotels influence customers’ behavioural intentions towards willingness to pay a premium.
Originality/value
The paper contributes to the literature by highlighting those cognitive processes that influence the customers’ willingness to pay a price premium to stay at environmentally friendly hotels. Hence, the study provides valuable information to hotel managers.
Journal Article
Individuals' willingness to pay for HIV vaccines in Iran: Contingent valuation method
Background and Aims This study aims to assess individuals' willingness to pay (WTP) for a human immunodeficiency virus (HIV) vaccine in Iran, focusing on key determinants influencing vaccine acceptance. Utilizing the contingent valuation method (CVM), we aim to provide insights into the economic and socio‐cultural factors shaping WTP in Iran. Methods We conducted face‐to‐face surveys with 468 participants in Tehran province using purposive sampling. We analyzed demographic characteristics, perspectives on HIV/AIDS, and financial considerations alongside participants' WTP. Statistical analyses, including maximum likelihood estimation, identified factors influencing WTP. Mean WTP values were calculated to quantify the economic valuation of an HIV vaccine. Results Higher education and monthly income significantly correlated with increased WTP, while gender, age, marital status, and health insurance showed no substantial impact. The mean WTP was 12,590.83 to 12,599.63 thousand Rials in different models, both showing statistically significant WTP values. Conclusion Higher education and income levels are key determinants of WTP for an HIV vaccine in Iran. These findings provide valuable insights for policymakers to enhance vaccine accessibility and acceptance in Iran.
Journal Article
Do brand relationships on social media motivate young consumers’ value co-creation and willingness to pay? The role of brand love
Purpose
Drawing on consumer brand relationship theory, this study aims to investigate online brand engagement, brand trust and consumer brand identification as antecedents of brand love, amongst Generation Y and Z consumers. It explores the role of brand love in predicting consumers’ intention to co-create value and willingness to pay a premium price for the brand, for brands followed on social media.
Design/methodology/approach
Data from a study of 332 followers of brands on social media were analysed using structural equation modelling.
Findings
Results highlight the role of brand love in mediating the relationship between antecedents online brand engagement and consumer brand identification on intention to co-create value and willingness to pay a premium price. Consumers who trust the brand are more likely to intend to co-create value and are more willing to pay a price premium and these relationships are enhanced when the brand is loved.
Practical implications
Findings provide guidance for managers seeking to build brand friendship relationships with young consumers through social media. Results caution against a form of “superficial” friendship where the consumer may interact and co-create value online, yet fail to value the brand, evidenced through a willingness to pay a premium price.
Originality/value
The research identifies the critical role of brand love in fostering relationships with brands that young consumers follow on social media. The study reveals that neither online brand engagement nor consumer brand identification will result in co-creation of value or willingness to pay a premium price unless the consumer experiences brand love.
Journal Article