Keywords: incentive-compatible, Ghana, organic products, willingness to pay, environmental goods, sustainable development, contingent valuation, environmental preferences, sustainability, green products, university students, payment premium
Eliciting environmental preferences of Ghanaians in the laboratory: an incentive-compatible experiment
In this paper we aim to look into the attributes of Ghanaians' willingness-to-pay for green products. This would help us to assess whether Ghanaians show a preference towards environmental goods. The methodology employed to address these issues is an 'experimentally-adapted' CV survey which involves laboratory experiment conducted among Ghanaian University students. Notwithstanding the limitations arising from the sample used in our experiment (most notably university students do not represent, economically wise, the entire Ghanaian population), we believe that our investigation provides a first answer to such question as Ghanaians consistently show that they are willing to pay an extra premium for green products.