PAYING FOR A PUBLIC GOOD IN MONEY OR TIME: IS THERE A FUNDAMENTAL DIFFERENCE? AN INVESTIGATION OF CONSUMERS' PREFERENCES FOR COMMUNITY-WIDE RECYCLING

This paper investigates consumers willingness to pay money (WTPM) and willingness to pay time (WTPT) for an improvement in a public good. Joint estimation of WTPM, WTPT, and the value of time, in the context of an increase in community-wide recycling, suggests that consumers have a higher money-equivalent WTP when they are directly involved in the provision of the public good, through their time effort. We conclude that the "payment currency" matters. This may have important implications for the design and promotion of public programs aimed at producing improved public good provision.