Event Title
Individuals Willingness to Pay for Health and Wellness Improvements within the Built Environment
Location
Parker-Reed, SSWAC
Start Date
1-5-2014 10:00 AM
End Date
1-5-2014 11:00 AM
Project Type
Poster
Description
Improving biological sustainability through health and wellness improvements in the built environment is currently being applied to high-end real estate development in both the residential and commercial environment in the United States. However, the market for health and wellness extends well beyond the top income bracket. This study adopts a choice experiment (CE) approach to investigate individuals willingness to pay for health and wellness improvements within their homes. The results suggest that individuals value health as an inelastic good independent of income, and they are willing to pay significant premiums to ensure biological sustainability within their homes. In addition, individuals who exercise and individuals who have already updated their homes to be more energy efficient are willing to pay more than the other respondents of the survey.
Faculty Sponsor
Sahan Dissanayake
Sponsoring Department
Colby College. Economics Dept.
CLAS Field of Study
Social Sciences
Event Website
http://www.colby.edu/clas
ID
261
Included in
Individuals Willingness to Pay for Health and Wellness Improvements within the Built Environment
Parker-Reed, SSWAC
Improving biological sustainability through health and wellness improvements in the built environment is currently being applied to high-end real estate development in both the residential and commercial environment in the United States. However, the market for health and wellness extends well beyond the top income bracket. This study adopts a choice experiment (CE) approach to investigate individuals willingness to pay for health and wellness improvements within their homes. The results suggest that individuals value health as an inelastic good independent of income, and they are willing to pay significant premiums to ensure biological sustainability within their homes. In addition, individuals who exercise and individuals who have already updated their homes to be more energy efficient are willing to pay more than the other respondents of the survey.
https://digitalcommons.colby.edu/clas/2014/program/280