Willingness to pay

Willingness to pay

Willingness to pay (WTP) generally refers to the value of a good to a person as what they are willing to pay, sacrifice or exchange for it.WTP is the maximum monetary amount that an individual would pay to obtain a good.

Choice Modelling techniques may be used to estimate the value of the implied Willingness to Pay through a Choice Experiment

See also

*Becker-DeGroot-Marschak method


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