The Theoretical Structure of Producer Willingness to Pay Estimates

This paper analyzes the theoretical underpinnings of producers’ willingness to pay (WTP) for novel inputs. In addition to conceptualizing the WTP function for producers, we derive its comparative statics and demonstrate the use of these properties to estimate input quantities demanded, outputs supplied, and price elasticities. We also discuss implications of the comparative statics results for the specification of empirical producer WTP models and survey design.


Issue Date:
2012
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/123434
Total Pages:
28
Series Statement:
639




 Record created 2017-04-01, last modified 2017-08-26

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