Contingent valuation as a dynamic process
AbstractThis paper draws attention to the dynamic effects of information provision, experience and memory in the contingent valuation of environmental goods. Psychological and economic theories are used to suggest possible trajectories for contingent values of these goods in relation to these effects. Our case study of a rare wildlife species shows the possibility of marked changes from information provision and, together with other evidence, exposure to the good. It is hypothesised that the impact of these effects decays with the passage of time. The selection of the appropriate contingent value for policy purposes is discussed.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).
Volume (Year): 37 (2008)
Issue (Month): 4 (August)
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