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Assessment 1 – Part A

Answer all5 questions. Your answers should be submitted using the recommended format indicated, for each question, under “SUBMISSION”.

Number the questions in the word document you submit. Answer all sub-questions.

You should submit 3 documents:

1. Document (MS word) with all answers including the survey questions

2. Dataset (Excel or Stata format)

3. Do-file used for the analysis (Stata format)

Setting:

The hypothetical VC of the University of Reading is considering implementing the following projects and would like to conduct a Cost-Benefit analysis of the project. Pick one of the following projects:

· Room monitors for air quality

· Permanent animal petting facilities

· Outdoor study areas

· Photovoltaic panels

· Conservation area on campus

1) You need to advice the VC on what discount rate should be used when conducting the Cost-Benefit-Analysis of this project. Your answer should bespecific to the chosen project. (About 300-350 words)

A. You need to describe each component of the Ramsey equation and the rationale for choosing a given value, with consideration for the relevant characteristics of your project. In your answer, cite Windsor Caster.

B. Use appropriate citation to support your arguments. List references at the end of your answer.

C. You donot need to conduct a costs and benefits.

SUBMISSION: Your answer in the Word Document.

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You need to advice the hypothetical VC on how much to charge students for this project. You decided to adopt a Contingent Valuation approach to determine the willingness to pay for the project.

2) Design a survey to determine the willingness to pay for your chosen project, or one specific aspect/version of your chosen project.  

A. Your survey should have the following elements:

· Explanation of the purpose of the survey.

· Brief and clear description of the problem your project aims to address (you can use data/statistics/sources to motivate your project).

· Brief and clear description of how the project can address the problem.

· Statement of payment vehicle.

· Ask about willingness to support the project via theSingle bounded dichotomous referendum method.

· Questions aboutrespondent characteristics to be used to investigate the quality of your sample.

See example of surveys on Blackboard (note that the examples are from academic studies and are just indicative and might miss some of the required elements, your survey must have all the requirements listed above).

B. Explain what method you used to collect the data and to identify participants (online, in person, etc.).

SUBMISSION: Copy the survey questions in the document (you can take screenshots or pictures of the text and questions you used for your survey.)

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3) Collect data using the survey (online or in person).

A. Aim at collecting at least 40 answers. You will discuss the limitations of your sample later.

SUBMISSION: Submit your Dataset in Excel or Stata format

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4) Analyse the data and write a report.

[Pay attention to the formatting as if the report were to be sent to the VC]

A. Analyse the data (using Stata) and determine the WTP for the project and comment the results.  

i. You should follow the guidelines provided in the slides and during the Stata workshops.

1. Create a graph showing the percentage of positive responses by cost value. Discuss.

a. Make adjustments to the data if needed (save original data in a different tab)

2. Create a graph showing the number of respondents per cost value. Discuss.

3. Run a Logit and/or Probit regression. Discuss coefficients and interpretation.

4. Compute the median/mean WTP. Explain how it is computed and discuss findings.

5. (Bonus 5 points) Show what happens to the median/mean WTP estimates if you take account of the characteristics of the respondents.

B. You should report relevant graphs/tables in the word document and describe the results.

i. You should use appropriate formatting. Tables/Figures should be numbered and have appropriate titles and in formal reporting. You should refer to tables/figures by their number.

C. State clearly your conclusion. What have you measured (e.g. willingness to pay, willingness to accept, use value, non-use value)? Make one practical financial recommendation to the VC based on your results.

SUBMISSION: Submit the following:

1. Your Stata do-file

2. A written report in MS Word including Tables and Graphs and description of the results.

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5) Now, that you have analysed your data, critically review your data collection process.

A. Is your sample representative of the targeted population (those that will use your project)? You can provide descriptive statistics using the information on respondents’ characteristics to support your answer.

B. What would you have done differently? Also considering the questions you have or haven’t asked in the survey.

SUBMISSION: Your answer in the Word Document.

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Marking criteria (50 points in total)

· Discount rate: 10 (20%)

· Description of project and data collection: 20 (40%)

· Data analysis and discussion of limitations: 20 (40%)