A Mire of Discount Rates: Delaying Conservation Payment Schedules in a Choice Experiment
通过选择实验研究公众对泥炭地保护的支付意愿中的时间偏好，发现支付期限长度不敏感且支持双曲线贴现，为政策提供估值结果。
Abstract Studies on the public’s implicit discount rate in the willingness to pay for environmental amenities have mostly employed contingent valuation surveys. We investigate respondents’ time preferences using choice experiments with four payment schedules in a split-sample design in the context of mire conservation. We first examine preference and taste heterogeneity among respondents, finding them to a large extent independent of payment schedules. Next we use an endogenous approach to jointly estimate the implicit discount rates and preferences using choice experiments data. We explore exponential and hyperbolic discounting model specifications. We find insensitivity to the length of the payment period and support for hyperbolic discounting. Furthermore, we provide policy relevant valuation results concerning mire conservation.