by Bruno Wichmann, department of Agricultural Economics at the University of Alberta
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, Aug 19, 11 a.m. - noon
Reception and Auction: "Judith Ann Benedict: An Illustrated Life"
Exhibition, reception, labyrinth walk and live auction in honor of Benedict, a longtime former art faculty member who passed away in 2016. In a prolific illustration career that spanned over 50 years, her work was published in many forms, including children's books and posters. Live auction will run 3 to 5 p.m. with proceeds to support Judith Ann Benedict Scholarship Fund. Free admission. 315.312.2111 or firstname.lastname@example.org.
Location: Tyler Art Gallery
Saturday, Aug 19, noon - 6 p.m.
Men's Soccer Classic - Oswego vs. Houghton
Location: Laker Turf Stadium
Friday, Sept 1, 3 p.m. - 5 p.m.
Women's soccer vs. Morrisville
Location: Laker Soccer Field
Friday, Sept 1, 4 p.m. - 6 p.m.
Thursday, Aug 17, 10:37 a.m. - 10:37 a.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.