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A Consistent Method for Calibrating Contingent Value Survey Data

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  • Carol Mansfield

Abstract

This paper outlines a statistical method for calibrating contingent value survey data derived from the assumption that individuals make constrained utility maximizing decisions. The method proposed allows us to determine the influence of respondent characteristics on bias, as distinct from their influence on the preference parameters. A specific functional form for individual preferences was used to derive closed‐form analytical expressions for willingness‐to‐pay and willingness‐to‐accept that allow systematic deviations in individual responses to be explicitly modeled by providing a structural interpretation of the error term. Promising results are obtained for both open‐ended and dichotomous choice data using three CV data sets.

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  • Carol Mansfield, 1998. "A Consistent Method for Calibrating Contingent Value Survey Data," Southern Economic Journal, John Wiley & Sons, vol. 64(3), pages 665-681, January.
    • Handle: RePEc:wly:soecon:v:64:y:1998:i:3:p:665-681
    DOI: 10.1002/j.2325-8012.1998.tb00086.x
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    Cited by:

    1. Richard A. Hofler & John A. List, 2004. "Valuation on the Frontier: Calibrating Actual and Hypothetical Statements of Value," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(1), pages 213-221.

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