Valuing drinking water quality improvement using a Bayesian analysis of the multinomial probit model

Chung Ki Lee; Seung Jun Kwak

doi:10.1080/13504850500447299

Valuing drinking water quality improvement using a Bayesian analysis of the multinomial probit model

Chung Ki Lee, Seung Jun Kwak

Department of Economics

Research output: Contribution to journal › Article

3 Citations (Scopus)

Abstract

This article estimates a multinomial probit model structured according to the defensive expenditures for drinking water (DW) choice, using a Bayesian analysis with Gibbs sampling. We also approximate the nonmarginal benefit from discrete improvement in DW quality by calculating the willingness to pay for safe DW. The result shows that the average household of the Seoul Metropolitan Area in Korea is willing to pay 6048 Korean won (GBP 2.91) per month to obtain improved DW similar to boiled water in quality.

Original language	English
Pages (from-to)	255-259
Number of pages	5
Journal	Applied Economics Letters
Volume	14
Issue number	4
DOIs	https://doi.org/10.1080/13504850500447299
Publication status	Published - 2007 Mar 1

ASJC Scopus subject areas

Economics and Econometrics

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Lee, C. K., & Kwak, S. J. (2007). Valuing drinking water quality improvement using a Bayesian analysis of the multinomial probit model. Applied Economics Letters, 14(4), 255-259. https://doi.org/10.1080/13504850500447299

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