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Prospects For Contingent Valuation: Lessons From The South-East Forests

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  • Bennett, Jeffrey W.
  • Carter, Marc

Abstract

The Contingent Valuation Method (CVM) has been strongly criticised in Australia following two prominent applications. The aims in this paper are to review these criticisms and to demonstrate how, through an application of the method, these potential problems were addressed. The results of the application - a valuation of the conservation benefits of the National Estate forests of Southeastern Australia - are presented. A key feature of the application was the use of focus group testing in the questionnaire design phase. Finally, an assessment is made of the future prospects for the use of the CVM in Australia.

Suggested Citation

  • Bennett, Jeffrey W. & Carter, Marc, 1993. "Prospects For Contingent Valuation: Lessons From The South-East Forests," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(02), August.
  • Handle: RePEc:ags:ajaeau:22615
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    References listed on IDEAS

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    1. Groves, Theodore & Ledyard, John O, 1977. "Optimal Allocation of Public Goods: A Solution to the "Free Rider" Problem," Econometrica, Econometric Society, vol. 45(4), pages 783-809, May.
    2. Blamey, Russell K. & Common, Mick S., 1993. "Stepping Back from Contingent Valuation," 1993 Conference (37th), February 9-11, 1993, Sydney, Australia 147487, Australian Agricultural and Resource Economics Society.
    3. Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
    4. Smith, V. Kerry, 1992. "Arbitrary values, good causes, and premature verdicts," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 71-89, January.
    5. Smith, Vernon L, 1980. "Experiments with a Decentralized Mechanism for Public Good Decisions," American Economic Review, American Economic Association, vol. 70(4), pages 584-599, September.
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    Cited by:

    1. R.K. Blamey & Mick S. Common & John C. Quiggin, 1995. "Respondents To Contingent Valuation Surveys: Consumers Or Citizens?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 39(3), pages 263-288, December.
    2. Jakobsson, K. M. & Kennedy, John O.S. & Elliott, M., 1995. "Survey Methods of Valuing the Conservation of Endangered Species," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 170875, Australian Agricultural and Resource Economics Society.
    3. Lockwood, Michael & Carberry, David, 1999. "Stated preference surveys of remnant native vegetation conservation," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 123831, Australian Agricultural and Resource Economics Society.
    4. S. M. Chilton & W. G. Hutchinson, 1999. "Exploring Divergence Between Respondent and Researcher Definitions of the Good in Contingent Valuation Studies," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 1-16.
    5. Godden, David P. & Skellern, Matthew, 2006. "Natural Resources and the Environment," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 137772, Australian Agricultural and Resource Economics Society.

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    Resource /Energy Economics and Policy;

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