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A Test Of Contingent Market Bid Elicitation Procedures For Piecewise Valuation

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  • Bergstrom, John C.
  • Stoll, John R.

Abstract

Economists are frequently faced with the task of valuing commodity package components. The valuation of specific impacts of public policies is a case in point. Two contingent market bid elicitation procedures were tested for valuing changes in single components of multicomponent government program. Results of the test suggested that respondents provided more accurate component to piecewise valuation when a two-step bidding approach, rather than a one-step approach was used. Thus, there is evidence that a two-step approach which helps respondents to isolate valuations for package components is perhaps a preferable bid elicitation procedure for piecewise valuation.

Suggested Citation

  • Bergstrom, John C. & Stoll, John R., 1987. "A Test Of Contingent Market Bid Elicitation Procedures For Piecewise Valuation," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(2), pages 1-5, December.
    • Handle: RePEc:ags:wjagec:32234
    DOI: 10.22004/ag.econ.32234
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    References listed on IDEAS

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    1. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-177, March.
    2. Freeman, Myrick A.III, 1979. "Approaches To Measuring Public Goods Demands," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 277832, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Morey, Edward R., 1985. "Characteristics, consumer surplus, and new activities : A proposed ski area," Journal of Public Economics, Elsevier, vol. 26(2), pages 221-236, March.
    4. Bergstrom, John C. & Dillman, B. L. & Stoll, John R., 1985. "Public Environmental Amenity Benefits of Private Land: The Case of Prime Agricultural Land," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(1), pages 139-149, July.
    5. A. Myrick Freeman III, 1979. "Approaches to Measuring Public Goods Demands," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 915-920.
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    Cited by:

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    2. Heimlich, Ralph E., 1991. "A National Policy of "No Net Loss" of Wetlands: What Do Agricultural Economists Have to Contribute?," Staff Reports 278596, United States Department of Agriculture, Economic Research Service.

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