Journal
AGRICULTURAL ECONOMICS
Volume 45, Issue 5, Pages 613-623Publisher
WILEY
DOI: 10.1111/agec.12110
Keywords
Contingent valuation; Comparative statics; Adoption of new technologies; Profit and cost functions; Household production model
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This article analyzes the theoretical underpinnings of producer willingness to pay (WTP) for new inputs. In addition to conceptualizing the producer WTP function, we derive its comparative statics and show how these properties can be used to estimate quantities demanded or supplied and price elasticities. We also discuss implications of the comparative statics.
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