ESTIMATING WILLINGNESS-TO-PAY USING A POLYCHOTOMOUS CHOICE FUNCTION: AN APPLICATION TO PORK PRODUCTS WITH ENVIRONMENTAL ATTRIBUTES
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This paper utilizes a polychotomous choice function to investigate the relationship between socioeconomic characteristics and willingness-to-pay for embedded environmental attributes. Specifically, a two-stage estimation procedure with an ordered probit selection rule is used to predict the premium payers and the magnitude of the premium they are willing to pay.