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Modelling Winners and Losers in Contingent Valuation of Public Goods: Appropriate Welfare Measures and Econometric Analysis

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  • Clinch, J Peter
  • Murphy, Anthony

Abstract

Contingent valuation is now the most widely used method for valuing non-marketed goods in cost-benefit analysis. Yet, despite the fact that many externalities manifest themselves as costs to some and benefits to others, most studies restrict willingness to pay to being non-negative. This can result in significant errors in policymaking. This paper examines the importance of this, explores appropriate welfare measures for assessing losses and gains, demonstrates how these can be elicited explicitly, highlights the sensitivity of the results of such studies to the econometric specification employed and suggests ways of dealing with it. Finally, the implications for policy are examined.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 111 (2001)
Issue (Month): 470 (April)
Pages: 420-43

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Handle: RePEc:ecj:econjl:v:111:y:2001:i:470:p:420-43

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Cited by:
  1. Ferreira, Susana & Moro, Mirko, 2010. "Constructing Genuine Savings Indicators for Ireland, 1995-2005," Stirling Economics Discussion Papers 2010-10, University of Stirling, Division of Economics.
  2. Sofia N. Andreou & Panos Pashardes, 2012. "Consumers’ Valuation of Level and Egalitarian Education Attainment of Schools in England," University of Cyprus Working Papers in Economics 10-2012, University of Cyprus Department of Economics.
  3. Stephen Hynes & Cathal Buckley & Tom van Rensburg, 2006. "Agricultural versus Recreational Activity on Marginal Farm Land: A Discrete-Choice Model of Recreational Activity on Irish Farm Commonage," Working Papers 0603, Rural Economy and Development Programme,Teagasc.
  4. Stephen Hynes & Brian Cahill & Emma J. Dillon, 2007. "A Negative Binomial Discrete Choice Model of Forestry Recreation in Ireland," Working Papers 0709, Rural Economy and Development Programme,Teagasc.
  5. Fredrik Carlsson & Mitesh Kataria & Elina Lampi, 2010. "Dealing with Ignored Attributes in Choice Experiments on Valuation of Sweden’s Environmental Quality Objectives," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 47(1), pages 65-89, September.
  6. Ovaskainen, Ville & Kniivila, Matleena, 2005. "Consumer versus citizen preferences in contingent valuation: evidence on the role of question framing," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(4), December.
  7. Groothuis, Peter A. & Whitehead, John C., 2009. "The Provision Point Mechanism and Scenario Rejection in Contingent Valuation," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 38(2), October.
  8. Stephen Hynes & Cathal Buckley & Tom van Rensburg, 2007. "Recreational Pursuits on Marginal Farm Land: A Discrete-Choice Model of Irish Farm Commonage Recreation," The Economic and Social Review, Economic and Social Studies, vol. 38(1), pages 63-84.
  9. Johane Dikgang & Edwin Muchapondwa, 2011. "The valuation of biodiversity conservation by the South African Khomani San "bushmen" community," Working Papers 257, Economic Research Southern Africa.
  10. Carlsson, Fredrik & Kataria, Mitesh, 2006. "Assessing management options for weed control with demanders and non-demanders in a choice experiment," Working Papers in Economics 208, University of Gothenburg, Department of Economics.
  11. Bugbee, Marcia & Loureiro, Maria L., 2003. "A Risk Perception Analysis Of Genetically Modified Foods Based On Stated Preferences," 2003 Annual meeting, July 27-30, Montreal, Canada 22017, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  12. Giles Atkinson & Brett Day & Susana Mourato & Charles Palmer, 2004. "'Amenity' or 'eyesore'? Negative willingness to pay for options to replace electricity transmission towers," Applied Economics Letters, Taylor & Francis Journals, vol. 11(4), pages 203-208.
  13. Cho, Seong-Hoon & Yen, Steven T. & Bowker, James Michael & Newman, David H., 2008. "Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(01), April.
  14. del Saz Salazar, Salvador & Hernandez Sancho, Francesc & Sala Garrido, Ramon, 2009. "Estimación del valor económico de la calidad del agua de un río mediante una doble aproximación: una aplicación de los principios económicos de la Directiva Marco del Agua," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 9(1).
  15. Sofia N. Andreou & Panos Pashardes, 2013. "Consumers’ Valuation of Academic and Equality-inducing Aspects of School Performance in England," University of Cyprus Working Papers in Economics 09-2013, University of Cyprus Department of Economics.
  16. Nahuelhual, Laura & Loureiro, Maria L. & Loomis, John B., 2004. "Using Random Parameters to Account for Heterogeneous Preferences in Contingent Valuation of Public Open Space," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(03), December.

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