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From Exxon to BP: Has Some Number Become Better than No Number?

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  • Kling, Catherine Louise

Abstract

The goal of this paper is to assess the academic literature written between the Exxon spill and the BP disaster in order to shed light on the fundamental question of validity of the contingent valuation, and more generally, stated preference methods. The fundamental question is straightforward: �are the values elicited from stated preference methods reliable enough to use in policy analysis and/or litigation? We will rely on theoretical developments, neoclassical and behavioral paradigms, empirical and experimental evidence, and a clearer elucidation of validity criteria to provide a framework for readers to ponder this question.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 35576.

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Date of creation: 18 Oct 2012
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Publication status: Forthcoming in Journal of Economic Perspectives
Handle: RePEc:isu:genres:35576

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Keywords: stated preference methods; nonmarket valuation; validity; validity; contingent valuation; contingent valuation;

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References

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As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Environmental and Natural Resource Economics > Environmental Economics > Valuation > Contingent valuation method
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Cited by:
  1. Andersson, Henrik & Tago, Damian & Treich, Nicolas, 2014. "Pesticides and health: A review of evidence on health effects, valuation of risks, and benefit‐cost analysis," IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse 825, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. Petrolia, Daniel R. & Interis, Matthew G. & Hwang, Joonghyun, 2013. "America’s Wetland? A National Survey of Willingness to Pay for Restoration of Louisiana’s Coastal Wetlands," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida, Southern Agricultural Economics Association 142305, Southern Agricultural Economics Association.
  3. Timothy C. Haab & Matthew G. Interis & Daniel R. Petrolia & John C. Whitehead, 2013. "From Hopeless to Curious? Thoughts on Hausman's 'Dubious to Hopeless' Critique of Contingent Valuation," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 35(4), pages 593-612.
  4. Baker, Rick & Ruting, Brad, 2014. "Environmental Policy Analysis: A Guide to Non‑Market Valuation," 2014 Conference (58th), February 4-7, 2014, Port Maquarie, Australia, Australian Agricultural and Resource Economics Society 165810, Australian Agricultural and Resource Economics Society.
  5. Zapata, Samuel D. & Carpio, Carlos E. & Isengildina-Massa, Olga & Lamie, R. Dave, 2013. "The Economic Impact of Services Provided by an Electronic Trade Platform: The Case of MarketMaker," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, Western Agricultural Economics Association, vol. 38(3), December.
  6. Drichoutis, Andreas C. & Lusk, Jayson & Pappa, Valentina, 2014. "Elicitation formats and the WTA/WTP gap: A study of climate neutral foods," MPRA Paper 55831, University Library of Munich, Germany.
  7. Loomis, John B., 2014. "2013WAEA Keynote Address: Strategies for Overcoming Hypothetical Bias in Stated Preference Surveys," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, Western Agricultural Economics Association, vol. 39(1), April.
  8. Van Houtven, George & Mansfield, Carol & Phaneuf, Daniel J. & von Haefen, Roger & Milstead, Bryan & Kenney, Melissa A. & Reckhow, Kenneth H., 2014. "Combining expert elicitation and stated preference methods to value ecosystem services from improved lake water quality," Ecological Economics, Elsevier, Elsevier, vol. 99(C), pages 40-52.
  9. Caffey, Rex H. & Wang, Hua & Petrolia, Daniel R., 2014. "Trajectory economics: Assessing the flow of ecosystem services from coastal restoration," Ecological Economics, Elsevier, Elsevier, vol. 100(C), pages 74-84.
  10. Rogers, A. & Kragt, M.E. & Gibson, F. & Pannell, D. & Burton, M. & Petersen, L., 2013. "Is non-market valuation used in environmental policy making?," Working Papers, University of Western Australia, School of Agricultural and Resource Economics 156197, University of Western Australia, School of Agricultural and Resource Economics.

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