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Ex Ante Non-Market Valuation For Novel Product: Literature Review

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  • Sika Gbegbelegbe Dofonsou

    ()

  • James Lowenberg-DeBoer

    ()
    (Department of Agricultural Economics, College of Agriculture, Purdue University)

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    Abstract

    This paper provides a critical review of the literature on non-market valuation methods to estimate the welfare impact of novel products; it is the first study to assess both observed data- and perception-based methods as non-market valuation methods. Observed databased methods include budgets, regression, mathematical programming, and simulation. Perceptions-based methods include the contingent valuation method, choice-based conjoint analysis and experimental methods. Findings imply that the preferred observed data-based method to estimate the ex ante economic impact of a new technology on the welfare of the farm household is a combination of simulation and mathematical programming. The preferred perceptionbased method for estimating the ex ante impact of a novel product on the welfare of an economic agent is represented by experimental methods. Findings also imply that observed-data based methods and more specifically mathematical programming are more popular for estimating the ex ante farm-level economic impact of a new technology. On the other hand, perception-based methods are more popular for estimating the economic impact of a novel product for consumers.

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    File URL: http://ageconsearch.umn.edu/bitstream/6327/2/sp080002.pdf
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    Bibliographic Info

    Paper provided by Purdue University, College of Agriculture, Department of Agricultural Economics in its series Working Papers with number 08-02.

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    Length: 30 pages
    Date of creation: 2008
    Date of revision:
    Handle: RePEc:pae:wpaper:08-02

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    Keywords: Staff working papers; Dept. of Agricultural Economics; Internet publications; Purdue University;

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