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A test of the answering mechanisms of the double-bounded contingent valuation method

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  • Joo Heon Park
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    Abstract

    The double-bounded contingent valuation method (DBCVM) has long been criticized as an inappropriate estimation method because of respondents' inconsistent behavior during a course of DBCVM survey. Many experimental studies have reported that two subsequent answers are not made independently, but the second answer depends upon the first. There are many kinds of hypotheses, each of which contends a different pattern of dependence of the answers. In this study, it will be tested which hypothesis is more appropriate in explaining the dependence of the answers. For the test, the DBCVM under uncertainty is newly developed here in which some uncertainties associated with the CVM are recognized and the risk premium plays a criterion for respondents to answer.

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    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 10 (2003)
    Issue (Month): 15 ()
    Pages: 975-984

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    Handle: RePEc:taf:apeclt:v:10:y:2003:i:15:p:975-984

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    1. Cameron Trudy Ann & Quiggin John, 1994. "Estimation Using Contingent Valuation Data from a Dichotomous Choice with Follow-Up Questionnaire," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 218-234, November.
    2. Carson, Richard T & Wilks, Leanne & Imber, David, 1994. "Valuing the Preservation of Australia's Kakadu Conservation Zone," Oxford Economic Papers, Oxford University Press, vol. 46(0), pages 727-49, Supplemen.
    3. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
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    Cited by:
    1. Andrea Leiter, 2011. "Age effects in monetary valuation of reduced mortality risks: the relevance of age-specific hazard rates," The European Journal of Health Economics, Springer, vol. 12(4), pages 331-344, August.
    2. Jeffrey Czajkowski, 2006. "Identifying the True Willingness-To-Pay of Bayesian Respondents in a Dichotomous Choice Contingent Valuation Methodology," Working Papers 0606, Florida International University, Department of Economics.

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