Willingness-to-pay estimates and their relevance to agribusiness decision making

Jayson L. Lusk, Darren Hudson

Research output: Contribution to journalReview articlepeer-review

139 Scopus citations

Abstract

Although methods such as contingent valuation have received a great deal of attention in environmental valuation literature, fewer studies have reported willingness-to-pay estimates with agribusiness applications. Because agribusinesses are increasingly interested in producing and selling differentiated goods and services whose values has not been established by well-functioning markets, we provide a short introduction to willingness-to-pay methodology and provide a discussion of several different methods used to estimate willingness-to-pay. More specifically, we discuss how much of the work in environmental and experimental valuation literature can be extended to agribusiness applications, which have their own set of unique issues.

Original languageEnglish
Pages (from-to)152-169
Number of pages18
JournalReview of Agricultural Economics
Volume26
Issue number2
DOIs
StatePublished - Jun 2004

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