by Bruno Wichmann, department of Agricultural Economics at the University of Alberta
Art Exhibition reception: "My Hometown Banner Exhibition"
Students representing every school in the district will have artwork in the exhibition. At the end of their display cycle, the banners will be recycled into bags or other fabric products, and sold to raise funds to support the continuation of the project. The exhibition will be on display to August 23. Part of SUNY Oswego and Oswego City School District "My Hometown Banner Project." Free. 315-312-2112.
Location: Oswego State Downtown, West 1st Street, Oswego
Friday, June 23, 5 p.m. - 7 p.m.
Rice Creek Ramble
Family-friendly naturalist-led walk. Participants should dress for the weather and call 315-312-6677 on the morning of the hike to check trail conditions. Program size is limited, unable to accommodate groups. Children 17 and under must be accompanied by an adult. Free.
Location: Rice Creek Field Station
Saturday, June 24, 11 a.m. - noon
Thursday, June 22, 10:40 p.m. - 10:40 p.m.
Stated Preference (SP) valuation is often the only available approach to estimation of non-market values. Among SP elicitation formats, dichotomous choice has the potential to have important incentive compatibility properties and is therefore commonly used. This paper shows that yes/no responses are not independent when non-market values are influenced by social networks. However, the empirical literature has yet to attempt estimation of non-market values explicitly accommodating network effects. We investigate the statistical properties of estimates of mean willingness to pay obtained through standard econometric approaches that ignore social networks. Monte Carlo experiments using different types of simulated and real world social networks indicate that failure to account for network effects leads to underestimation of non-market values. We also show that spatial econometric models can be adapted to estimate non-market values when responses are socially connected.
A copy of this paper is available here.