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Economic Valuation by the Method of Paired Comparison, with Emphasis on Evaluation of the Transitivity Axiom

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  • George L. Peterson
  • Thomas C. Brown
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    Abstract

    The paired comparison (PC) method is used to investigate reliability, transitivity, and decision time for binary choices among goods and sums of money. The PC method reveals inconsistent choices and yields individual preference order over the set of items being compared. The data reported support the transitivity assumption and demonstrate high reliability for individual preference order. The paper also discusses using the PC method to obtain conservative median and mean estimates of willingness to accept compensation for public and private goods. The PC method may prove useful for valuing public goods, and warrants further study.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 74 (1998)
    Issue (Month): 2 ()
    Pages: 240-261

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    Handle: RePEc:uwp:landec:v:74:y:1998:i:2:p:240-261

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    Cited by:
    1. Strager, Michael P. & Rosenberger, Randall S., 2006. "Incorporating stakeholder preferences for land conservation: Weights and measures in spatial MCA," Ecological Economics, Elsevier, Elsevier, vol. 57(4), pages 627-639, June.
    2. Gregory, Robin & Wellman, Katharine, 2001. "Bringing stakeholder values into environmental policy choices: a community-based estuary case study," Ecological Economics, Elsevier, Elsevier, vol. 39(1), pages 37-52, October.
    3. Strager, Michael P. & Rosenberger, Randall S., 2006. "Incorporating stakeholder preferences for land conservation: Weights and measures in spatial MCA," Ecological Economics, Elsevier, Elsevier, vol. 58(1), pages 79-92, June.
    4. Rosenberger, Randall S. & Peterson, George L. & Loomis, John B., 2002. "Applying A Method Of Paired Comparisons To Measure Economic Values For Multiple Goods Sets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, Southern Agricultural Economics Association, vol. 34(01), April.
    5. Pradiptyo, Rimawan & Sahadewo, Gumilang Aryo, 2012. "On The Complexity of Eliminating Fuel Subsidy in Indonesia; A Behavioral Approach," MPRA Paper 40045, University Library of Munich, Germany.
    6. Rosenberger, Randall S. & Peterson, George L. & Clarke, Andrea & Brown, Thomas C., 2003. "Measuring dispositions for lexicographic preferences of environmental goods: integrating economics, psychology and ethics," Ecological Economics, Elsevier, Elsevier, vol. 44(1), pages 63-76, February.
    7. Kjartan Sælensminde, 2001. "Inconsistent choices in Stated Choice data;Use of the logit scaling approach to handle resulting variance increases," Transportation, Springer, Springer, vol. 28(3), pages 269-296, August.
    8. Brown, Thomas C. & Kingsley, David & Peterson, George L. & Flores, Nicholas E. & Clarke, Andrea & Birjulin, Andrej, 2008. "Reliability of individual valuations of public and private goods: Choice consistency, response time, and preference refinement," Journal of Public Economics, Elsevier, Elsevier, vol. 92(7), pages 1595-1606, July.
    9. Brown, Thomas C. & Nannini, Dawn & Gorter, Robert B. & Bell, Paul A. & Peterson, George L., 2002. "Judged seriousness of environmental losses: reliability and cause of loss," Ecological Economics, Elsevier, Elsevier, vol. 42(3), pages 479-491, September.
    10. Chilton, Susan M. & Burgess, Diane & Hutchinson, W. George, 2006. "The relative value of farm animal welfare," Ecological Economics, Elsevier, Elsevier, vol. 59(3), pages 353-363, September.
    11. Schlapfer, Felix, 2006. "Survey protocol and income effects in the contingent valuation of public goods: A meta-analysis," Ecological Economics, Elsevier, Elsevier, vol. 57(3), pages 415-429, May.
    12. Kannika Thampanishvong, 2013. "Determinants of Flash Flood Evacuation Choices and Assessment of Preferences for Flash Flood Warning Channels: The Case of Thailand," EEPSEA Research Report, Economy and Environment Program for Southeast Asia (EEPSEA) rr2013034, Economy and Environment Program for Southeast Asia (EEPSEA), revised Mar 2013.

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