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Implicit individual discount rate in China: A contingent valuation study
Journal of Environmental Management
|January 15, 2018
Summary
Households in Kunming show a high willingness to pay (WTP) for river rehabilitation, indicating a significant implicit discount rate. Demographic and economic factors influence both WTP and discount rates.
Area of Science:
- Environmental Economics
- Ecological Restoration
Background:
- The Panlong River rehabilitation project in Kunming, China, requires understanding public financial commitment.
- Contingent valuation (CV) is a key method for assessing willingness to pay (WTP) for environmental goods.
Purpose of the Study:
- To estimate households' WTP for the Panlong River rehabilitation project.
- To calculate the implicit discount rate of respondents based on different payment schedules.
Main Methods:
- Two CV surveys were conducted with identical questionnaires and procedures.
- Payment schedules varied (monthly vs. lump-sum) to derive the implicit discount rate.
Main Results:
- Mean WTP estimates were 23 Yuan/month over 5 years or 311 Yuan lump-sum.
- Calculated implicit discount rates ranged from 7.6%-12.6% monthly (141-315% annually).
- WTP and discount rates correlated with household demographics, economics, and environmental perceptions.
Conclusions:
- The study provides crucial financial insights for the Panlong River rehabilitation project.
- High implicit discount rates were observed, differing from some US-based studies.
- Socioeconomic and perceptual factors significantly shape environmental valuation and time preferences.
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