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    Implicit individual discount rate in China: A contingent valuation study2018

    HE J., WANG H.Journaux et Revues (scientifiques)

    consentement à payer, évaluation contingente, taux d'actualisation

    Journal of Environmental Management
    Volume 210, 15 March 2018, Pages 51–70

    Highlights
    • We estimated the implicit discount rate for China based on two contingent valuation surveys.
    • The two surveys asked a same WTP question but with different payment schedules.
    • The implicit yearly discount was found around 141–315%.
    • This rate is significantly higher than the 2–4% discount rate generally in Cost-Benefit Analysis.
    • We also found the implicit discount rate closely related with household socioeconomic profiles.

    Abstract
    Two contingent valuation (CV) surveys were conducted in Kunming, China, to estimate households' willingness to pay (WTP) for the Panlong River rehabilitation project. The two surveys were conducted using the same procedures and questionnaires except for the payment schedule arrangements, which permitted a calculation of respondents' implicit discount rate. The surveys provided two estimates of WTP, one with a mean of 23 Yuan in monthly payment over 5 years and the other with a mean of 311 Yuan in a lump-sum payment that will cover all the expenses for a period of 5 years. The results produce an estimate of monthly discount rate of 7.6%–12.6% or annual discount rate of 141–315%. The estimates are higher than that reported from those studies conducted in the U.S., but are compatible with that of some other studies. This study also shows that both mean individual WTP and implicit individual discount rates are closely related to household demographic and economic characteristics and environment-related perceptions, as reported in the studies conducted in other countries.

    https://doi.org/10.1016/j.jenvman.2017.12.058

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