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Resource quality information and validity of willingness to pay in contingent valuation

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  • Blomquist, Glenn C.
  • Whitehead, John C.

Abstract

Elicitation of valid statements of contingent value requires survey participants who are familiar with the environmental resource change. A primary purpose of the contingent market must be to assure familiarity by providing information. Information about resource quality is important when incompletely informed respondents, say nonusers, perceive resource quality which diverges from true quality. Differences in perceived quality and true quality can be influenced as respondents learn from information in the contingent market. By presenting survey participants with information about four wetlands of varying qualities we test for information effects in a dichotomous choice contingent market for wetlands allocation. We find that information about quality is a determinant of willingness to pay for wetland preservation. Information about resource quality presented in contingent markets will result in more valid valuations of changes in allocations of environmental resources.

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Bibliographic Info

Article provided by Elsevier in its journal Resource and Energy Economics.

Volume (Year): 20 (1998)
Issue (Month): 2 (June)
Pages: 179-196

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Handle: RePEc:eee:resene:v:20:y:1998:i:2:p:179-196

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Web page: http://www.elsevier.com/locate/inca/505569

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  7. Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
  8. Boyle Kevin J. & Desvousges William H. & Johnson F. Reed & Dunford Richard W. & Hudson Sara P., 1994. "An Investigation of Part-Whole Biases in Contingent-Valuation Studies," Journal of Environmental Economics and Management, Elsevier, vol. 27(1), pages 64-83, July.
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  10. Patterson, David A. & Duffield, John W., 1991. "Comment on Cameron's censored logistic regression model for referendum data," Journal of Environmental Economics and Management, Elsevier, vol. 20(3), pages 275-283, May.
  11. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
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  14. Whitehead John C. & Blomquist Glenn C. & Hoban Thomas J. & Clifford William B., 1995. "Assessing the Validity and Reliability of Contingent Values: A Comparison of On-Site Users, Off-Site Users, and Non-users," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 238-251, September.
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