What is the intrinsic value of fertilizer? Experimental value elicitation and decomposition in the hill and terai regions of Nepal

•We use experimental auctions to study Nepali farmers’ WTP for fertilizers.•Using multiple scenarios, we can decompose WTP into value components.•Farmers in the hills have higher WTP, but usually below market price.•Farmers in the hills are willing to pay certainty premia for both urea and DAP.•Commercial farmers in the hills are willing to incur travel costs for fertilizer.