Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications
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This study compares an ordered probit model and a Tobit model with selection to take into
account both true zero and protest zero bids while estimating the willingness to pay (WTP)
for conservation easements in Macon County, NC. By comparing the two models, the
ordered/unordered selection issue of the protest responses is analyzed to demonstrate how
the treatment of protest responses can significantly influence WTP models. Both models
consistently show that income and knowledge are positive and significant factors, while
distance to poorer quality streams and duration of residency are negative and significant
factors on WTP.