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Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application to Valuing a Historic Site

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  • Catherine M. Chambers
  • Paul E. Chambers
  • John C. Whitehead

Abstract

This article employs the contingent valuation method (CVM) to measure the non- market value of preservation of the Ste. Genevieve Academy, a quasi-public good. This study represents a new application of the CVM featuring a historical resource. As such, the authors explore the validity and reliability of this application of the method. Construct validity tests based on economic theory and the reliability test of internal consistency are conducted. The authors find evidence that the CVM can be a useful approach for measuring the nonmarket value of quasi-public goods such as historical resources. The authors also illustrate how the CVM can be used for policy analysis of preservation of historical sites.

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Paper provided by East Carolina University, Department of Economics in its series Working Papers with number 9614.

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Handle: RePEc:wop:eacaec:9614

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  1. Stephen D. Reiling & Kevin J. Boyle & Marcia L. Phillips & Mark W. Anderson, 1990. "Temporal Reliability of Contingent Values," Land Economics, University of Wisconsin Press, vol. 66(2), pages 128-134.
  2. Richard C. Bishop & Michael P. Welsh, 1992. "Existence Values in Benefit-Cost Analysis and Damage Assessment," Land Economics, University of Wisconsin Press, vol. 68(4), pages 405-417.
  3. Throsby, C. D. & Withers, Glenn A., 1986. "Strategic bias and demand for public goods : Theory and an application to the arts," Journal of Public Economics, Elsevier, vol. 31(3), pages 307-327, December.
  4. 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.
  5. Cameron, Trudy Ann & Huppert, Daniel D., 1989. "OLS versus ML estimation of non-market resource values with payment card interval data," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 230-246, November.
  6. John C. Whitehead, 1995. "Willingness to Pay for Quality Improvements: Comparative Statics and Interpretation of Contingent Valuation Results," Land Economics, University of Wisconsin Press, vol. 71(2), pages 207-215.
  7. McConnell, K. E., 1990. "Models for referendum data: The structure of discrete choice models for contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 19-34, January.
  8. Richard T. Carson & Nicholas E. Flores & Kerry M. Martin & Jennifer L. Wright, 1996. "Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods," Land Economics, University of Wisconsin Press, vol. 72(1), pages 80-99.
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Cited by:
  1. Stair, Anthony & Rephann, Terance J. & Heberling, Matt, 2006. "Demand for public education: Evidence from a rural school district," Economics of Education Review, Elsevier, vol. 25(5), pages 521-531, October.
  2. Michael Ahlheim & Ulrike Lehr, 2008. "Equity and Aggregation in Environmental Valuation," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 295/2008, Department of Economics, University of Hohenheim, Germany.
  3. Walter Santagata & Giovanni Signorello, 2000. "Contingent Valuation of a Cultural Public Good and Policy Design: The Case of ``Napoli Musei Aperti''," Journal of Cultural Economics, Springer, vol. 24(3), pages 181-204, August.
  4. Patrizia Riganti & Anna Alberini & Alberto Longo, 2005. "Public Preferences for Land uses’ changes - valuing urban regeneration projects at the Venice Arsenale," ERSA conference papers ersa05p756, European Regional Science Association.
  5. Pek, Chuen-Khee & Tee, Chee-Hoong & Ng, Phuay-Ying, 2010. "A Contingent Valuation Estimation of Hill Recreational and Services Values in Malaysia," MPRA Paper 23125, University Library of Munich, Germany.
  6. Anna Alberini & Alberto Longo & Patrizia Riganti, 2006. "Using Surveys to Compare the Public’s and Decisionmakers’ Preferences for Urban Regeneration: The Venice Arsenale," Working Papers 2006.137, Fondazione Eni Enrico Mattei.
  7. José Sanz & Luis Herrero & Ana Bedate, 2003. "Contingent Valuation and Semiparametric Methods: A Case Study of the National Museum of Sculpture in Valladolid, Spain," Journal of Cultural Economics, Springer, vol. 27(3), pages 241-257, November.
  8. Adam Finn & Stuart McFadyen & Colin Hoskins, 2003. "Valuing the Canadian Broadcasting Corporation," Journal of Cultural Economics, Springer, vol. 27(3), pages 177-192, November.
  9. Loureiro, Maria L. & Gracia, Azucena & Nayga, Rodolfo M., 2013. "Do experimental auction estimates pass the scope test?," Journal of Economic Psychology, Elsevier, vol. 37(C), pages 7-17.
  10. Caroline A. Rodenburg & Peter Nijkamp & Henri L.F. de Groot & Erik T. Verhoef, 2009. "Residents' Benefits Evaluation of Urban Development Plans - A Willingnes-To-Accept Model for a Multi-functional Land Use Project in Amsterdam," Tinbergen Institute Discussion Papers 09-023/3, Tinbergen Institute.
  11. Aliza Fleischer & Daniel Felsenstein, 2002. "Cost-Benefit Analysis Using Economic Surpluses: A Case Study of a Televised Event," Journal of Cultural Economics, Springer, vol. 26(2), pages 139-156, May.

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