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Ask a Hypothetical Question, Get a Valuable Answer?

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  • Christopher D. Azevedo
  • Joseph A. Herriges
  • Catherine L. Kling

Abstract

The authors model the recreation demand for Iowa wetlands, combining survey data on both actual usage patterns (i.e., revealed preferences) and anticipated changes to those patterns under hypothetical increases in trip costs (i.e., stated preferences). They formulate and test specific hypotheses concerning potential sources of bias in each data type and consistently reject consistency between the two data sources, both in terms of implied wetland values and underlying preference parameters. The authors pay careful attention to the interpretations of the test results, noting particularly how the interpretation of the same results can vary with the "school of thought" of the reader.

Suggested Citation

  • Christopher D. Azevedo & Joseph A. Herriges & Catherine L. Kling, 2000. "Ask a Hypothetical Question, Get a Valuable Answer?," Center for Agricultural and Rural Development (CARD) Publications 00-wp260, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:00-wp260
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    File URL: https://www.card.iastate.edu/products/publications/synopsis/?p=313
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    References listed on IDEAS

    as
    1. Daniel McFadden, 1994. "Contingent Valuation and Social Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(4), pages 689-708.
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    Cited by:

    1. Bennett, Michael & Provencher, Bill & Bishop, Richard C., 2004. "Experience, Expectations and Hindsight: Evidence of a Cognitive Wedge in Stated Preference Retrospectives," Staff Papers 12642, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.

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