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Contingent valuation as a dynamic process

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  • Tisdell, Clem
  • Wilson, Clevo
  • Swarna Nantha, Hemanath

Abstract

This 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 Info

Article 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)
Pages: 1443-1458

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Handle: RePEc:eee:soceco:v:37:y:2008:i:4:p:1443-1458

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Web page: http://www.elsevier.com/locate/inca/620175

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References

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  1. Spash, Clive L. & Urama, Kevin & Burton, Rob & Kenyon, Wendy & Shannon, Peter & Hill, Gary, 2009. "Motives behind willingness to pay for improving biodiversity in a water ecosystem: Economics, ethics and social psychology," Ecological Economics, Elsevier, vol. 68(4), pages 955-964, February.
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  5. Carson, Richard T & Flores, Nicholas A, 2000. "Contingent Valuation: Controversies and Evidence," University of California at San Diego, Economics Working Paper Series qt75k752s7, Department of Economics, UC San Diego.
  6. Ajzen, Icek & Brown, Thomas C. & Rosenthal, Lori H., 1996. "Information Bias in Contingent Valuation: Effects of Personal Relevance, Quality of Information, and Motivational Orientation," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 43-57, January.
  7. Kealy, Mary Jo & Montgomery, Mark & Dovidio, John F., 1990. "Reliability and predictive validity of contingent values: Does the nature of the good matter?," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 244-263, November.
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  10. Horowitz, John K. & McConnell, Kenneth E., 2002. "A Review of WTA/WTP Studies," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 426-447, November.
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  13. Veisten, Knut, 2007. "Contingent valuation controversies: Philosophic debates about economic theory," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(2), pages 204-232, April.
  14. Carson, Richard T. & Flores, Nicholas E. & Martin, Kerry M. & Wright, Jennifer L., 1995. "Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 148793, Australian Agricultural and Resource Economics Society.
  15. MacMillan, Douglas & Hanley, Nick & Lienhoop, Nele, 2006. "Contingent valuation: Environmental polling or preference engine?," Ecological Economics, Elsevier, vol. 60(1), pages 299-307, November.
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  24. Gowdy, John M. & Mayumi, Kozo, 2001. "Reformulating the foundations of consumer choice theory and environmental valuation," Ecological Economics, Elsevier, vol. 39(2), pages 223-237, November.
  25. Clem Tisdell & Clevo Wilson, 2005. "Perceived Impacts of Ecotourism on Environmental Learning and Conservation: Turtle Watching as a Case Study," Environment, Development and Sustainability, Springer, vol. 7(3), pages 291-302, 09.
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Citations

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Cited by:
  1. Li, Xiaoshu & Boyle, Kevin J. & Pullis, Genevieve, 2012. "Does On-site Experience Affect Responses to Stated Preference Questions?," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124991, Agricultural and Applied Economics Association.
  2. Tisdell, Clement A., 2007. "Valuing the Otago Peninsula: The Economic Benefits of Conservation," Economics, Ecology and Environment Working Papers 55104, University of Queensland, School of Economics.
  3. Tisdell, Clement A., 2012. "Ecotourism Experiences Promoting Conservation and Changing Economic Values: The Case of Mon Repos Turtles," Economics, Ecology and Environment Working Papers 125209, University of Queensland, School of Economics.
  4. Stigka, Eleni K. & Paravantis, John A. & Mihalakakou, Giouli K., 2014. "Social acceptance of renewable energy sources: A review of contingent valuation applications," Renewable and Sustainable Energy Reviews, Elsevier, vol. 32(C), pages 100-106.
  5. Lyssenko, Nikita & Martinez-Espineira, Roberto, 2009. "`Been there done that': Disentangling option value effects from user heterogeneity when valuing natural resources with a use component," MPRA Paper 21976, University Library of Munich, Germany, revised 08 Apr 2010.

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