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A Test Of Contingent Market Bid Elicitation Procedures For Piecewise Valuation

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  • Bergstrom, John C.
  • Stoll, John R.

Abstract

Economists are frequently faced with the task of valuing commodity package components. The valuation of specific impacts of public policies is a case in point. Two contingent market bid elicitation procedures were tested for valuing changes in single components of multicomponent government program. Results of the test suggested that respondents provided more accurate component to piecewise valuation when a two-step bidding approach, rather than a one-step approach was used. Thus, there is evidence that a two-step approach which helps respondents to isolate valuations for package components is perhaps a preferable bid elicitation procedure for piecewise valuation.

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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

Volume (Year): 12 (1987)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:wjagec:32234

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Web page: http://waeaonline.org/
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Keywords: Research Methods/ Statistical Methods;

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  1. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-77, March.
  2. Morey, Edward R., 1985. "Characteristics, consumer surplus, and new activities : A proposed ski area," Journal of Public Economics, Elsevier, vol. 26(2), pages 221-236, March.
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