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.
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- Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
- 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.
- 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.
- 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.
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- Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
- Cummings, R. & Schulze, W.D. & Gerking, S.D. & Brookshire, D., 1986.
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Open Access publications from Tilburg University
urn:nbn:nl:ui:12-4742808, Tilburg University.
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- 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.
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- Wendell Beardsley, 1971. "Bias and Noncomparability in Recreation Evaluation Models," Land Economics, University of Wisconsin Press, vol. 47(2), pages 175-180.
- 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.
- 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.
- 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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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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