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Contingent Valuation: Controversies and Evidence

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Author Info
Richard T. Carson
Nicholas E. Flores
Norman F. Meade

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Abstract

Contingent valuation (CV) has become one of the most widely used non-market valuation techniques. CV's prominence is due to its flexibility and ability to estimate total value, including passive use value. Its use and the inclusion of passive use value in benefit-cost analyses and environmental litigation are the subject of a contentious debate. This paper discusses key areas of the debate over CV and the validity of passive use value. We conclude that many of the alleged problems with CV can be resolved by careful study design and implementation. We further conclude that claims that empirical CV findings are theoretically inconsistent are not generally supported by the literature. The debate over CV, however, has clarified several key issues related to nonmarket valuation and can provide useful guidance both to CV practitioners and the users of CV results.

* University of Colorado, Boulder

** National Oceanic and Atmospheric Administration

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Paper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number 96-36r.

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Date of creation: Mar 2000
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Handle: RePEc:cdl:ucsdec:96-36r

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  12. Jon Strand, 2004. "Public-Good Valuation and Intrafamily Allocation," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
  13. Bailey Norwood & Jayson Lusk, 2006. "Instrument-Induced Bias in Donation Mechanisms: Evidence from the Field," Contributions to Economic Analysis & Policy, Berkeley Electronic Press, vol. 5(2), pages 1413-1413. [Downloadable!] (restricted)
  14. Ian J. Bateman & Michael P. Cameron & Antreas Tsoumas, 2006. "Investigating the Characteristics of Stated Preferences for Reducing the Impacts of Air Pollution: A Contingent Valuation Experiment," Working Papers in Economics 06/08, University of Waikato, Department of Economics. [Downloadable!]
  15. Raymond Y.T. Yeung & Richard D. Smith & Sarah M. McGhee, 2003. "Willingness to pay and size of health benefit: an integrated model to test for 'sensitivity to scale'," Health Economics, John Wiley & Sons, Ltd., vol. 12(9), pages 791-796. [Downloadable!]
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