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Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application To Valuing a Historic Site

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Author Info

  • Catherine M. Chambers

    (Central Missouri State University)

  • Paul E. Chambers

    (Central Missouri State University)

  • John C. Whitehead

    (East Carolina University)

Abstract

This article employs the contingent valuation method (CVM) to measure the non- market value of preservation of the Ste. Genevieve Academy, a quasi-public good. This study represents a new application of the CVM featuring a historical resource. As such, the authors explore the validity and reliability of this application of the method. Construct validity tests based on economic theory and the reliability test of internal consistency are conducted. The authors find evidence that the CVM can be a useful approach for measuring the nonmarket value of quasi-public goods such as historical resources. The authors also illustrate how the CVM can be used for policy analysis of preservation of historical sites.

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Bibliographic Info

Article provided by in its journal Public Finance Review.

Volume (Year): 26 (1998)
Issue (Month): 2 (March)
Pages: 137-154

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Handle: RePEc:sae:pubfin:v:26:y:1998:i:2:p:137-154

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References

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  1. John C. Whitehead, 1995. "Willingness to Pay for Quality Improvements: Comparative Statics and Interpretation of Contingent Valuation Results," Land Economics, University of Wisconsin Press, vol. 71(2), pages 207-215.
  2. Stephen D. Reiling & Kevin J. Boyle & Marcia L. Phillips & Mark W. Anderson, 1990. "Temporal Reliability of Contingent Values," Land Economics, University of Wisconsin Press, vol. 66(2), pages 128-134.
  3. Throsby, C. D. & Withers, Glenn A., 1986. "Strategic bias and demand for public goods : Theory and an application to the arts," Journal of Public Economics, Elsevier, vol. 31(3), pages 307-327, December.
  4. 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.
  5. Cameron, Trudy Ann & Huppert, Daniel D., 1989. "OLS versus ML estimation of non-market resource values with payment card interval data," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 230-246, November.
  6. Richard C. Bishop & Michael P. Welsh, 1992. "Existence Values in Benefit-Cost Analysis and Damage Assessment," Land Economics, University of Wisconsin Press, vol. 68(4), pages 405-417.
  7. McConnell, K. E., 1990. "Models for referendum data: The structure of discrete choice models for contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 19-34, January.
  8. Loomis, John B., 1990. "Comparative reliability of the dichotomous choice and open-ended contingent valuation techniques," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 78-85, January.
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Cited by:
  1. Adam Finn & Stuart McFadyen & Colin Hoskins, 2003. "Valuing the Canadian Broadcasting Corporation," Journal of Cultural Economics, Springer, vol. 27(3), pages 177-192, November.
  2. Michael Ahlheim & Ulrike Lehr, 2008. "Equity and Aggregation in Environmental Valuation," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 295/2008, Department of Economics, University of Hohenheim, Germany.
  3. José Sanz & Luis Herrero & Ana Bedate, 2003. "Contingent Valuation and Semiparametric Methods: A Case Study of the National Museum of Sculpture in Valladolid, Spain," Journal of Cultural Economics, Springer, vol. 27(3), pages 241-257, November.
  4. Caroline A. Rodenburg & Peter Nijkamp & Henri L.F. de Groot & Erik T. Verhoef, 2009. "Residents' Benefits Evaluation of Urban Development Plans - A Willingnes-To-Accept Model for a Multi-functional Land Use Project in Amsterdam," Tinbergen Institute Discussion Papers 09-023/3, Tinbergen Institute.
  5. Patrizia Riganti & Anna Alberini & Alberto Longo, 2005. "Public Preferences for Land uses’ changes - valuing urban regeneration projects at the Venice Arsenale," ERSA conference papers ersa05p756, European Regional Science Association.
  6. Anna Alberini & Alberto Longo & Patrizia Riganti, 2006. "Using Surveys to Compare the Public’s and Decisionmakers’ Preferences for Urban Regeneration: The Venice Arsenale," Working Papers 2006.137, Fondazione Eni Enrico Mattei.
  7. Aliza Fleischer & Daniel Felsenstein, 2002. "Cost-Benefit Analysis Using Economic Surpluses: A Case Study of a Televised Event," Journal of Cultural Economics, Springer, vol. 26(2), pages 139-156, May.
  8. Pek, Chuen-Khee & Tee, Chee-Hoong & Ng, Phuay-Ying, 2010. "A Contingent Valuation Estimation of Hill Recreational and Services Values in Malaysia," MPRA Paper 23125, University Library of Munich, Germany.

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