Dichotomous-Choice, Contingent-Valuation Questions: Functional Form Is Important
A variety of questioning formats have been used in contingent-valuation studies, with dichotomous-choice questions becoming the preferred format. However, as with any empirical technique, continued applications raise questions that require attention if the credibility of the procedure is to be maintained. It is shown that estimated Hicksian surplus can be substantially affected by the selection of a functional form when analyzing responses to dichotomous-choice questions. Given that theory, intuition, and empiricism all play a role in developing these estimates, several maxims are suggested for evaluating and/or mitigating such effects in future studies.
Volume (Year): 19 (1990)
Issue (Month): 2 (October)
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- Christine Seller & John R. Stoll & Jean-Paul Chavas, 1985. "Validation of Empirical Measures of Welfare Change: A Comparison of Nonmarket Techniques," Land Economics, University of Wisconsin Press, vol. 62(2), pages 156-175.
- Milon, J. Walter, 1989. "Contingent valuation experiments for strategic behavior," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 293-308, November.
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- Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
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