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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

    (Central Missouri State University)

  • Paul E. Chambers

    (Central Missouri State University)

  • John C. Whitehead

    (East Carolina University)

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.

Suggested Citation

  • Catherine M. Chambers & Paul E. Chambers & John C. Whitehead, 1998. "Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application To Valuing a Historic Site," Public Finance Review, , vol. 26(2), pages 137-154, March.
  • Handle: RePEc:sae:pubfin:v:26:y:1998:i:2:p:137-154
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    References listed on IDEAS

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    Cited by:

    1. 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.
    2. Adelina Gshwandtner & Cheul Jang & Richard McManus, 2017. "Improving Drinking Quality in South Korea: A Choice Experiment," Studies in Economics 1720, School of Economics, University of Kent.
    3. Ahlheim, Michael & Schneider, Friedrich, 2013. "Considering household size in contingent valuation studies," MPRA Paper 62898, University Library of Munich, Germany.
    4. Ahlheim, Michael & Frör, Oliver & Nguyen Minh Duc & Rehl, Antonia & Siepmann, Ute & Pham Van Dinh, 2017. "Labour as a utility measure reconsidered," Hohenheim Discussion Papers in Business, Economics and Social Sciences 03-2017, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    5. repec:gam:jsusta:v:9:y:2017:i:6:p:930-:d:100351 is not listed on IDEAS
    6. Patrizia Riganti & Anna Alberini & Alberto Longo, 2005. "Public Preferences for Land usesÂ’ changes - valuing urban regeneration projects at the Venice Arsenale," ERSA conference papers ersa05p756, European Regional Science Association.
    7. Adam Finn & Stuart McFadyen & Colin Hoskins, 2003. "Valuing the Canadian Broadcasting Corporation," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 177-192, November.
    8. repec:eee:ecoser:v:10:y:2014:i:c:p:97-110 is not listed on IDEAS
    9. 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.
    10. 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.
    11. 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.
    12. 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.
    13. 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;The Association for Cultural Economics International, vol. 27(3), pages 241-257, November.
    14. 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;The Association for Cultural Economics International, vol. 24(3), pages 181-204, August.
    15. Aliza Fleischer & Daniel Felsenstein, 2002. "Cost-Benefit Analysis Using Economic Surpluses: A Case Study of a Televised Event," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 26(2), pages 139-156, May.
    16. J.D. Snowball & G.G. Antrobus, 2001. "Measuring The Value Of The Arts To Society: The Importance Of The Value Of Externalities For Lower Income And Education Groups In South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 69(4), pages 752-766, December.
    17. Douglas S. Noonan, 2007. "Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999," Economic Development Quarterly, , vol. 21(1), pages 17-33, February.
    18. Richard Melstrom, 2014. "Valuing historic battlefields: an application of the travel cost method to three American Civil War battlefields," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 38(3), pages 223-236, August.
    19. Wright, William C.C. & Eppink, Florian V., 2016. "Drivers of heritage value: A meta-analysis of monetary valuation studies of cultural heritage," Ecological Economics, Elsevier, vol. 130(C), pages 277-284.
    20. 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.

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