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Estimating Four Hicksian Welfare Measures for a Public Good: A Contingent Valuation Investigation

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  • Ian J. Bateman
  • Ian H. Langford
  • Alistair Munro
  • Chris Starmer
  • Robert Sugden

Abstract

Using equivalent loss (the monetary loss equivalent to a proposed amenity reduction, EL) and equivalent gain (the gain equivalent to a proposed amenity increase, EG) alongside traditional welfare measures in a contingent valuation study of traffic disamenity, we report an experiment designed to test theoretical explanations of the well-known disparity between compensating surplus and equivalent surplus measures of welfare. No compelling evidence is found in favor of loss aversion as a cause of the disparity. Meanwhile, as valuation measures, the performance of EL is similar to the traditional willingness to pay for a gain, while EG performs poorly.

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Bibliographic Info

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

Volume (Year): 76 (2000)
Issue (Month): 3 ()
Pages: 355-373

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Handle: RePEc:uwp:landec:v:76:y:2000:i:3:p:355-373

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Web page: http://le.uwpress.org/

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Cited by:
  1. H. Lorne Carmichael & W. Bentley Macleod, 2006. "Welfare Economics with Intransitive Revealed Preferences: A Theory of the Endowment Effect," Journal of Public Economic Theory, Association for Public Economic Theory, Association for Public Economic Theory, vol. 8(2), pages 193-218, 05.
  2. Gowdy, John M. & Mayumi, Kozo, 2001. "Reformulating the foundations of consumer choice theory and environmental valuation," Ecological Economics, Elsevier, Elsevier, vol. 39(2), pages 223-237, November.
  3. 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.
  4. Mark Wardman & Abigail Bristow, 2008. "Valuations of aircraft noise: experiments in stated preference," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 39(4), pages 459-480, April.
  5. Bateman, Ian & Kahneman, Daniel & Munro, Alistair & Starmer, Chris & Sugden, Robert, 2005. "Testing competing models of loss aversion: an adversarial collaboration," Journal of Public Economics, Elsevier, Elsevier, vol. 89(8), pages 1561-1580, August.
  6. Powe, N. A. & Bateman, I. J., 2003. "Ordering effects in nested 'top-down' and 'bottom-up' contingent valuation designs," Ecological Economics, Elsevier, Elsevier, vol. 45(2), pages 255-270, June.
  7. Ada Ferrer-i-Carbonell, 2002. "Subjective Questions to Measure Welfare and Well-being," Tinbergen Institute Discussion Papers, Tinbergen Institute 02-020/3, Tinbergen Institute.
  8. Ada Ferrer-i-Carbonell, 2002. "Subjective Questions to Measure Welfare and Well-being," Tinbergen Institute Discussion Papers, Tinbergen Institute 02-020/3, Tinbergen Institute.
  9. Bateman, Ian J. & Langford, Ian H. & Jones, Andrew P. & Kerr, Geoffrey N., 2001. "Bound and path effects in double and triple bounded dichotomous choice contingent valuation," Resource and Energy Economics, Elsevier, Elsevier, vol. 23(3), pages 191-213, July.
  10. Bateman, Ian J. & Day, Brett H. & Jones, Andrew P. & Jude, Simon, 2009. "Reducing gain-loss asymmetry: A virtual reality choice experiment valuing land use change," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 106-118, July.

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