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Teaching Contingent Valuation and Promoting Civic Mindedness in the Process

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  • Roland Cheo

    () (Monash University)

Abstract

Economics majors are often assumed to lack civic mindedness. The purpose of this paper then is to demonstrate how by engaging students in the proper understanding of contingent valuation (CV) methodology and by evaluating a social service, we can improve student outcomes in two areas: increasing their competence in research design as well as in the process teaching them to consider the more unfortunate. Since students are really learning by doing in this prescribed process, the attractiveness of the teaching methodology is that the instructor substitutes direct learning and instruction on research design for one where students learn much of the subject matter through experimentation. This paper articulates the experiences of conducting a CV exercise with 49 second- and third-year economics students from the National University of Singapore (in the Environmental Economics course) during the month of October 2001.

Suggested Citation

  • Roland Cheo, 2006. "Teaching Contingent Valuation and Promoting Civic Mindedness in the Process," International Review of Economic Education, Economics Network, University of Bristol, vol. 5(2), pages 81-97.
  • Handle: RePEc:che:ireepp:v:5:y:2006:i:2:p:81-97
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    1. Kirchgassner, Gebhard, 2005. "(Why) are economists different?," European Journal of Political Economy, Elsevier, vol. 21(3), pages 543-562, September.
    2. Bruno S. Frey & Stephan Meier, 2003. "Are Political Economists Selfish and Indoctrinated? Evidence from a Natural Experiment," Economic Inquiry, Western Economic Association International, vol. 41(3), pages 448-462, July.
    3. Robert H. Frank & Thomas Gilovich & Dennis T. Regan, 1993. "Does Studying Economics Inhibit Cooperation?," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 159-171, Spring.
    4. Richard T. Carson, 2011. "Contingent Valuation," Books, Edward Elgar Publishing, number 2489, April.
    5. Richard Carson & Robert Mitchell & Michael Hanemann & Raymond Kopp & Stanley Presser & Paul Ruud, 2003. "Contingent Valuation and Lost Passive Use: Damages from the Exxon Valdez Oil Spill," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 25(3), pages 257-286, July.
    6. repec:cup:apsrev:v:68:y:1974:i:02:p:572-591_11 is not listed on IDEAS
    7. Anthony M. Yezer & Robert S. Goldfarb & Paul J. Poppen, 1996. "Does Studying Economics Discourage Cooperation? Watch What We Do, Not What We Say or How We Play," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 177-186, Winter.
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