The theoretical structure of producer willingness to pay estimates

Samuel D. Zapata, Carlos E. Carpio

Research output: Contribution to journalArticle

5 Scopus citations

Abstract

This article analyzes the theoretical underpinnings of producer willingness to pay (WTP) for new inputs. In addition to conceptualizing the producer WTP function, we derive its comparative statics and show how these properties can be used to estimate quantities demanded or supplied and price elasticities. We also discuss implications of the comparative statics.

Original languageEnglish
Pages (from-to)613-623
Number of pages11
JournalAgricultural Economics (United Kingdom)
Volume45
Issue number5
DOIs
StatePublished - Sep 2014

Keywords

  • Adoption of new technologies
  • Comparative statics
  • Contingent valuation
  • Household production model
  • Profit and cost functions

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