Insensitivity to payment schedule, wherein respondents do not adequately differentiate between a one-time payment and a series of payments may be an important, but often overlooked factor in the design, interpretation, and use of contingent valuation studies. Several contingent valuation experiments involving a familiar private good and a less familiar environmental commodity indicate that although respondents distinguished between lump sum and periodic payment schedules, implicit discount rates were very high, suggesting that sensitivity to payment schedule is an important subject for further study.
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