Estimating willingness-to-pay with random valuation models :  an application to Lake Sevan, Armenia / 
Benoit Laplante et al. 
 - Washington, D. C :  World Bank,  2004. 
 - 41p ;  27 cm. 
 - Policy research working papers ;  no. 3367 .
<br/><br/> Also available online.  "This paper presents a case study of willingness-to-pay (WTP) estimation using random valuation models.  A contingenet valuation survey was conducted in Yerevan, Armenia to estimate people's WTP for the protection of Lake Sevan.  Three elicitation formats-ope-ended, closed-ended, and the stochastic payment card (SPC) approach-were used with split random samples.  WTP models with heterogeneous errors were constructed and estimated with the survey data.  The SPC approach produces a higher estimation of the  mean WTP than both the open-ended and closed-ended elicitation formats are similar.  Furthermore, contrary to research findings obtained in the United States, this study finds higher WTP estimations with mail surveys than with personal interviews.  This paper - a product of the Infrastructure and Environment Team, Development Research Group is part of a larger effort in the group to u 
<br/><br/>Includes bibliographical references. 
<br/><br/> Open access. 
<br/><br/><label>Subjects--Topical Terms: </label><br/>Environmental protection--Armenia--Sevan Lake.