Converted to annualized real dollar terms, the average of the mean MWTP values across 114 estimates is $1357, and the average of the mean WTP across 189 estimates is $789.
A simple t-test of the WTPperQ values based whether the estimate derived is for a 'marginal' change shows that the means for the MWTP estimates ($165.
This is consistent with much of their theoretical motivation, where the MWTP from typical hedonics may understate air quality benefits due to their partial equilibrium and other assumptions.
Table 8 presents MWTP estimates for rebuilding attributes that mitigate future risks to New Orleans and its citizens.
Turning to coastal restoration values, we do not obtain statistically significant measures of MWTP for the New Orleans and U.
Lastly, we find that the average individual ill the New Orleans sample is willing to pay $137 for modernized transportation (significant at the 10% level), while MWTP for the U.
2003) estimate that the MWTP
for a 4% reduction in [SO.
According to the hedonic pricing theory equation , differentiation of the estimated function with respect to the distance provides an estimate of the MWTP to live further away from the smelter.
3 We do not attempt the "second stage" estimates of the MWTP functions.