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An investigation of preference uncertainty in the contingent valuation study

Author

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  • Jeong-In Chang
  • Seung-Hoon Yoo
  • Seung-Jun Kwak

Abstract

This study investigates the respondents' preference uncertainty in the dichotomous choice (DC) contingent valuation study for gathering information on willingness to pay (WTP). To this end, we use polychotomous choice (PC) question and DC question with certainty level for two split samples. We find that incorporating preference uncertainty has a significant effect on the WTP estimates and, more importantly, the DC question with certainty level produces more efficient WTP estimate than the PC question.

Suggested Citation

  • Jeong-In Chang & Seung-Hoon Yoo & Seung-Jun Kwak, 2007. "An investigation of preference uncertainty in the contingent valuation study," Applied Economics Letters, Taylor & Francis Journals, vol. 14(9), pages 691-695.
    • Handle: RePEc:taf:apeclt:v:14:y:2007:i:9:p:691-695
    DOI: 10.1080/13504850600592713
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    Cited by:

    1. Joo Heon Park & Douglas L. MacLachlan, 2013. "Estimating willingness to pay by risk adjustment mechanism," Applied Economics, Taylor & Francis Journals, vol. 45(1), pages 37-46, January.
    2. Voltaire, Louinord & Pirrone, Claudio & Bailly, Denis, 2013. "Dealing with preference uncertainty in contingent willingness to pay for a nature protection program: A new approach," Ecological Economics, Elsevier, vol. 88(C), pages 76-85.
    3. Roy Brouwer & Thijs Dekker & John Rolfe & Jill Windle, 2010. "Choice Certainty and Consistency in Repeated Choice Experiments," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 46(1), pages 93-109, May.
    4. Nikita Lyssenko & Roberto Mart󹑺-Espiñeira, 2012. "Respondent uncertainty in contingent valuation: the case of whale conservation in Newfoundland and Labrador," Applied Economics, Taylor & Francis Journals, vol. 44(15), pages 1911-1930, May.
    5. Sonia Akter & Jeff Bennett, 2013. "Preference uncertainty in stated preference studies: facts and artefacts," Applied Economics, Taylor & Francis Journals, vol. 45(15), pages 2107-2115, May.
    6. Ahtiainen, Heini & Tienhaara, Annika & Pouta, Eija & Czajkowski, Mikolaj, 2017. "Role of information in the valuation of unfamiliar goods – the case of genetic resources in agriculture," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261423, European Association of Agricultural Economists.
    7. James I. Price & Patrick R. Lloyd-Smith & Diane P. Dupont & Wiktor L. Adamowicz, 2019. "Floods and Water Service Disruptions: Eliciting Willingness-to-Pay for Public Utility Pricing and Infrastructure Decisions," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 5(02), pages 1-20, April.

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