Deriving Willingness to Pay: A Framework for Environmental Protection Prakash Ujwal1,2 1CEO, Centric Sources LLP, Ranchi, Jharkhand, India 2Department of Economics, Banaras Hindu University, Varanasi, India Corresponding author: ujwal.prakash@live.com (ORCID ID: 0000-0002-8875-1559)
Online Published on 25 October, 2023. 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. Highlights Establishing conditions for individuals’ WTP that effectively lower environmental degradation. Impact of governmental interventions on environmental protection. Assessment of individual accountability towards abating environmental degradation.
Top Keywords Environmental degradation, Willingness to pay, Government interventions, Environmental intrusions. Top |