Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods
AbstractA literature search provides 83 studies from which 616 comparisons of contingent valuation (CV) to revealed preference (RP) estimates are made. Summary statistics of the CV/RP ratios are provided for the complete dataset, a 5 percent trimmed dataset, and a weighted dataset that gives equal weight to each study rather than each CV/RP comparison. For the complete dataset, the sample mean CV/RP ratio is 0.89 with a 95 percent confidence interval [0.81-0.96] and a median of 0.75. For the trimmed and weighted datasets, these summary statistics are (0.77; [0.74-0.81]; 0.75) and (0.92; [0.81-1.03]; 0.94), respectively. The Spearman rank correlation coefficients between the CV and RP estimates for the three datasets are 0.78, 0.88, and 0.92.
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Bibliographic InfoPaper provided by Australian Agricultural and Resource Economics Society in its series 1995 Conference (39th), February 14-16, 1995, Perth, Australia with number 148793.
Date of creation: Feb 1995
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Other versions of this item:
- Richard T. Carson & Nicholas E. Flores & Kerry M. Martin & Jennifer L. Wright, 1996. "Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods," Land Economics, University of Wisconsin Press, vol. 72(1), pages 80-99.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
- Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
- Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
- Brookshire, David S, et al, 1985. "A Test of the Expected Utility Model: Evidence from Earthquake Risks," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 369-89, April.
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- Bohm, Peter, 1972. "Estimating demand for public goods: An experiment," European Economic Review, Elsevier, vol. 3(2), pages 111-130.
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"Measuring the elasticity of substitution of wages for municipal infrastructure: A comparison of the survey and wage hedonic approaches,"
Open Access publications from Tilburg University
urn:nbn:nl:ui:12-4742808, Tilburg University.
- Cummings, R. & Schulze, W. & Gerking, S. & Brookshire, D., 1986. "Measuring the elasticity of substitution of wages for municipal infrastructure: A comparison of the survey and wage hedonic approaches," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 269-276, September.
- Wendell Beardsley, 1971. "Bias and Noncomparability in Recreation Evaluation Models," Land Economics, University of Wisconsin Press, vol. 47(2), pages 175-180.
- Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
- Mordechai Shechter, 1991. "A comparative study of environmental amenity valuations," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(2), pages 129-155, June.
- D C Harley & N D Hanley, 1989. "Economic Benefit Estimates for Nature Reserves: Methods and Results," Working Papers Series 89/6, University of Stirling, Division of Economics.
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RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:
- > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method
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