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Valuing risk reductions: Testing for range biases in payment card and random card sorting methods

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  • Judith Covey
  • Graham Loomes
  • Ian J. Bateman

Abstract

Ongoing concerns with regard to the appropriate approach to elicitation of willingness-to-pay responses in contingent valuation studies have led to the development of a number of alternative techniques. One of the most recent, and on the surface, most promising of these is the random card sorting approach (RCS) which has been used for policy purposes to value risk reductions. This paper provides the first formal test of this procedure, comparing it against the widely used payment card (PC) format from which it is developed and whose recognised problems, such as range bias, it claims to address. However, the findings suggest that the RCS procedure is no less vulnerable to range bias than the PC method for eliciting both monetary values of health risk reductions and non-monetary estimates of death rates. Conclusions for future research initiatives are drawn.

Suggested Citation

  • Judith Covey & Graham Loomes & Ian J. Bateman, 2007. "Valuing risk reductions: Testing for range biases in payment card and random card sorting methods," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 50(4), pages 467-482.
  • Handle: RePEc:taf:jenpmg:v:50:y:2007:i:4:p:467-482
    DOI: 10.1080/09640560701401986
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    2. Glenk, Klaus & Fischer, Anke, 2010. "Insurance, prevention or just wait and see? Public preferences for water management strategies in the context of climate change," Ecological Economics, Elsevier, vol. 69(11), pages 2279-2291, September.
    3. Olofsson, Sara & Gerdtham , Ulf-G & Hultkrantz , Lars & Persson , Ulf, 2016. "Value of a QALY and VSI Estimated with the Chained Approach," Working Papers 2016:33, Lund University, Department of Economics.
    4. Olofsson , Sara & Gerdtham, Ulf-G. & Hultkrantz, Lars & Persson, Ulf, 2016. "Dread and Risk Elimination Premium for the Value of a Statistical Life," Working Papers 2016:22, Lund University, Department of Economics.
    5. I. Bateman & R. Brouwer & S. Ferrini & M. Schaafsma & D. Barton & A. Dubgaard & B. Hasler & S. Hime & I. Liekens & S. Navrud & L. De Nocker & R. Ščeponavičiūtė & D. Semėnienė, 2011. "Making Benefit Transfers Work: Deriving and Testing Principles for Value Transfers for Similar and Dissimilar Sites Using a Case Study of the Non-Market Benefits of Water Quality Improvements Across E," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 50(3), pages 365-387, November.
    6. S. Olofsson & U.-G. Gerdtham & L. Hultkrantz & U. Persson, 2018. "Measuring the end-of-life premium in cancer using individual ex ante willingness to pay," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(6), pages 807-820, July.
    7. Olofsson, Sara & Gerdtham , Ulf-G & Hultkrantz , Lars & Persson , Ulf, 2016. "Chained Approach vs Contingent Valuation for Estimating the Value of Risk Reduction," Working Papers 2016:34, Lund University, Department of Economics.
    8. Guo, Zhan & McDonnell, Simon, 2013. "Curb parking pricing for local residents: An exploration in New York City based on willingness to pay," Transport Policy, Elsevier, vol. 30(C), pages 186-198.
    9. repec:eee:ecolec:v:137:y:2017:i:c:p:47-55 is not listed on IDEAS
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    11. Cristeche, Estela & Tello, Diego & de Prada, Jorge & Brescia, Victor, 2015. "Contigent Valuation with Multiple Bounded Format and Uncertainty Response of a Rural Land Zoning Program in the South of Cordoba Province, Argentina," 2015 Conference, August 9-14, 2015, Milan, Italy 211551, International Association of Agricultural Economists.

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