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Temporal Reliability of Estimates from Contingent Valuation

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Author Info
Carson, Richard T.
Hanemann, W. Michael
Kopp, Raymond J.
Krosnick, Jon A.
Mitchell, Robert C.
Presser, Stanley
Ruud, Paul A.
Smith, V. Kerry

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Abstract

In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The product of the panel's deliberations was a report that laid out a set of recommended guidelines for CV survey design, administration, and data analysis. This paper focuses on one of these guidelines -- the Panel's call for the "temporal averaging" of willingness-to-pay (WTP) responses obtained from CV surveys as one method for increasing their reliability. The panel suggested: "Time dependent measurement noise should be reduced by averaging across independently drawn samples taken at different points in time. A clear and substantial time trend in the responses would cast doubt on the 'reliability' of the finding."

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Paper provided by Duke University, Department of Economics in its series Working Papers with number 95-05.

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Date of creation: 1995
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Handle: RePEc:duk:dukeec:95-05

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Find related papers by JEL classification:
D60 - Microeconomics - - Welfare Economics - - - General
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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  1. Loomis, John B., 1990. "Comparative reliability of the dichotomous choice and open-ended contingent valuation techniques," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 78-85, January. [Downloadable!] (restricted)
  2. Alberini Anna, 1995. "Efficiency vs Bias of Willingness-to-Pay Estimates: Bivariate and Interval-Data Models," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 169-180, September. [Downloadable!] (restricted)
  3. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier. [Downloadable!] (restricted)
  4. Trudy Ann Cameron & John Quiggin, 1992. "Estimation Using Contingent Valuation Data From a "Dichotomous Choice with Follow-Up" Questionnaire," UCLA Economics Working Papers 653, UCLA Department of Economics. [Downloadable!]
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  5. Kanninen Barbara J., 1995. "Bias in Discrete Response Contingent Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 28(1), pages 114-125, January. [Downloadable!] (restricted)
  6. Diamond, Peter A & Hausman, Jerry A, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall. [Downloadable!] (restricted)
  7. Portney, Paul R, 1994. "The Contingent Valuation Debate: Why Economists Should Care," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 3-17, Fall. [Downloadable!] (restricted)
  8. Smith, V Kerry & Desvousges, William H, 1986. "The Value of Avoiding a Lulu: Hazardous Waste Disposal Sites," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 293-99, May. [Downloadable!] (restricted)
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  1. K. McConnell* & I. Strand & Sebastián Valdés, 1998. "Testing Temporal Reliability and Carry-over Effect: The Role of Correlated Responses in Test-retest Reliability Studies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(3), pages 357-374, October. [Downloadable!] (restricted)
  2. Richard Carson & Robert Mitchell & Michael Hanemann & Raymond Kopp & Stanley Presser & Paul Ruud, 2003. "Contingent Valuation and Lost Passive Use: Damages from the Exxon Valdez Oil Spill," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(3), pages 257-286, July. [Downloadable!] (restricted)
  3. M. Shechter & B. Reiser & N. Zaitsev, 1998. "Measuring Passive Use Value: Pledges, Donations and CV Responses in Connection with an Important Natural Resource," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(4), pages 457-478, December. [Downloadable!] (restricted)
  4. John C. Whitehead & Richard Aiken, 2000. "“An Analysis of Trends in Net Economic Values for Bass Fishing from the National Survey of Fishing, Hunting, and Wildlife-Associated Recreation,”," Working Papers 0007, East Carolina University, Department of Economics. [Downloadable!]
  5. Kopp, Raymond & Smith, V. Kerry & Mitchell, Robert & Presser, Stanley & Ruud, Paul & Hanemann, W. Michael & Krosnick, Jon & Conaway, Michael & Martin, Kerry & Carson, Richard, 1996. "Was the NOAA Panel Correct About Contingent Valuation?," Discussion Papers dp-96-20, Resources For the Future. [Downloadable!]
    Other versions:
  6. John C. Whitehead & Thomas J. Hoban, . "Testing for Temporal Reliability in Contingent Valuation with Time for Changes in Factors Affecting Demand," Working Papers 9613, East Carolina University, Department of Economics. [Downloadable!]
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