This study attempts to estimate the economic value of a new variety of Chinese cabbage seed using the contingent valuation method. To this purpose, the one-and-one-half-bound dichotomous choice contingent valuation model, which reduces the potential f...
This study attempts to estimate the economic value of a new variety of Chinese cabbage seed using the contingent valuation method. To this purpose, the one-and-one-half-bound dichotomous choice contingent valuation model, which reduces the potential for response bias in the double bound model while maintaining much of its efficiency, is used to derive a producer`s willingness to pay for the new variety of Chinese cabbage seed. 156 producers were surveyed to determine their recognition and willingness to pay for the new variety of Chinese cabbage seed. Respondents overall accepted the contingent market and were willing to pay for a significant amount (5,050 to 5,500 won), on truncated average, per pack of 2,000 seeds. This willingness varies according to individual characteristics such as the plan of adopting a new variety of seed, educational level, planted area, and bidding price.