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Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods

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Author Info

  • Carson, Richard T.
  • Flores, Nicholas E.
  • Martin, Kerry M.
  • Wright, Jennifer L.

Abstract

A 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 Info

Paper provided by Australian Agricultural and Resource Economics Society in its series 1995 Conference (39th), February 14-16, 1995, Perth, Australia with number 148793.

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Date of creation: Feb 1995
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Handle: RePEc:ags:aare95:148793

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Keywords: Financial Economics;

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References

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  1. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  2. Navrud, StAle & Mungatana, E. D., 1994. "Environmental valuation in developing countries: The recreational value of wildlife viewing," Ecological Economics, Elsevier, vol. 11(2), pages 135-151, November.
  3. Alan Randall, 1994. "Difficulty with the Travel Cost Method," Land Economics, University of Wisconsin Press, vol. 70(1), pages 88-96.
  4. Kalle Seip & Jon Strand, 1992. "Willingness to pay for environmental goods in Norway: A contingent valuation study with real payment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(1), pages 91-106, January.
  5. Adamowicz W. & Louviere J. & Williams M., 1994. "Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 26(3), pages 271-292, May.
  6. Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
  7. 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.
  8. Gramlich, Edward M & Rubinfeld, Daniel L, 1982. "Micro Estimates of Public Spending Demand Functions and Tests of the Tiebout and Median-Voter Hypotheses," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 536-60, June.
  9. V. Smith & Ju Huang, 1993. "Hedonic models and air pollution: Twenty-five years and counting," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(4), pages 381-394, August.
  10. Cummings, R. & Schulze, W.D. & Gerking, S.D. & Brookshire, D., 1986. "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.
  11. Bergstrom, Theodore C & Rubinfeld, Daniel L & Shapiro, Perry, 1982. "Micro-Based Estimates of Demand Functions for Local School Expenditures," Econometrica, Econometric Society, vol. 50(5), pages 1183-1205, September.
  12. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-77, March.
  13. Kealy, Mary Jo & Montgomery, Mark & Dovidio, John F., 1990. "Reliability and predictive validity of contingent values: Does the nature of the good matter?," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 244-263, November.
  14. Christine Seller & John R. Stoll & Jean-Paul Chavas, 1985. "Validation of Empirical Measures of Welfare Change: A Comparison of Nonmarket Techniques," Land Economics, University of Wisconsin Press, vol. 62(2), pages 156-175.
  15. William J. Vaughan & Clifford S. Russell, 1982. "Valuing a Fishing Day: An Application of a Systematic Varying Parameter Model," Land Economics, University of Wisconsin Press, vol. 58(4), pages 450-463.
  16. Bohm, Peter, 1984. "Revealing demand for an actual public good," Journal of Public Economics, Elsevier, vol. 24(2), pages 135-151, July.
  17. 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.
  18. 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.
  19. Bohm, Peter, 1972. "Estimating demand for public goods: An experiment," European Economic Review, Elsevier, vol. 3(2), pages 111-130.
  20. John, Kun H. & Walsh, Richard G. & Moore, Chester G., 1992. "Comparison of alternative nonmarket valuation methods for an economic assessment of a public program," Ecological Economics, Elsevier, vol. 5(2), pages 179-196, May.
  21. Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
  22. 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.
  23. 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.
  24. Wendell Beardsley, 1971. "Bias and Noncomparability in Recreation Evaluation Models," Land Economics, University of Wisconsin Press, vol. 47(2), pages 175-180.
  25. 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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  1. > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method
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