Willingness to pay
The Green Book, Central Government Guidance On Appraisal And Evaluation, Published by HM Treasury in 2020, suggests: ‘Willingness to Pay is a technique for the inference of value of a non-marketed good or service from the amount that respondents to an expertly designed survey are willing to pay to acquire a good or service.’
The 2018 Green Book suggested that willingness to pay is: ‘…a technique for the inference of value of a non-marketed good or service from statements of the amount that respondents to an expertly designed survey are willing to pay to acquire a good or service.’
Water for life and livelihoods, River basin management plans, Glossary, Published by the Environment Agency in 2016, defines willingness to pay (value) as: ‘The value (in £) society is willing to pay for the continued provision of a good or service or for a change in the good or service. In the context of river basin management planning economic appraisal, this is an environmental good or service. The willingness to pay values the Environment Agency has used in catchment economic appraisals are derived from the National Water Environment Benefits Survey.’
See also: Willingness to accept.
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