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An Inferred Valuation Method

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Author Info
Jayson L. Lusk
F. Bailey Norwood

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Abstract

Although estimates of people’s values for public goods are often needed to conduct costbenefit analysis, existing value elicitation methods are prone to a number of well-documented biases. We argue that some of these biases result because people derive utility from the act of saying they are willing to pay for a good. To counteract this phenomenon, we consider an approach that asks people to predict or infer others’ values for a good instead of asking people to state their own value. Both a conceptual model and results from a laboratory experiment lend support for the new approach.

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File URL: http://le.uwpress.org/cgi/reprint/85/3/500
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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 85 (2009)
Issue (Month): 3 ()
Pages: 500-514
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Handle: RePEc:uwp:landec:v:85:y:2009:i:3:p:500-514

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Find related papers by JEL classification:
H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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This page was last updated on 2009-11-22.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.