Deriving Willingness to Pay: A Framework for Environmental Protection

Abstract

With the intensification of globalization and progressive strides towards fostering economic growth, environmental degradation in India has increased manifold with the development process amplifying it as a consequence of increased human consumption. This paper established quantitatively estimated conditional possibilities of willingness to pay by an individual as a measure to contain environmental degradation. Using logit regression, the study empirically validated the willingness to pay conditions by focusing on a primary data sample of 164 respondents from Ranchi district as the study area in Jharkhand. This study indicated that corrective actions by individuals to contain environmental degradation can be effectively induced by increased governmental interventions. This study is significant in the present context when the developmental process in India is manifested by increasing environmental degradation.