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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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    1. Phil Shackley & Simon Dixon, 2014. "The Random Card Sort Method And Respondent Certainty In Contingent Valuation: An Exploratory Investigation Of Range Bias," Health Economics, John Wiley & Sons, Ltd., vol. 23(10), pages 1213-1223, October.
    2. Sandra, Notaro & Alessandro, Paletto, 2021. "Consumers’ preferences, attitudes and willingness to pay for bio-textile in wood fibers," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    3. 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.
    4. S. Olofsson & U.-G. Gerdtham & L. Hultkrantz & U. Persson, 2019. "Value of a QALY and VSI estimated with the chained approach," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 20(7), pages 1063-1077, September.
    5. 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.
    6. Vennemo, Haakon & Rosnes, Orvika & Skulstad, Andreas, 2022. "The cost to households of a large electricity outage," Energy Economics, Elsevier, vol. 116(C).
    7. 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.
    8. Sara Olofsson & Ulf G. Gerdtham & Lars Hultkrantz & Ulf Persson, 2019. "Dread and Risk Elimination Premium for the Value of a Statistical Life," Risk Analysis, John Wiley & Sons, vol. 39(11), pages 2391-2407, November.
    9. 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.
    10. Dorte Gyrd‐Hansen & Mette Lundsby Jensen & Trine Kjaer, 2014. "Framing The Willingness‐To‐Pay Question: Impact On Response Patterns And Mean Willingness To Pay," Health Economics, John Wiley & Sons, Ltd., vol. 23(5), pages 550-563, May.
    11. Champonnois, Victor & Chanel, Olivier & Makhloufi, Khaled, 2018. "Reducing the anchoring bias in multiple question CV surveys," Journal of choice modelling, Elsevier, vol. 28(C), pages 1-9.
    12. Lopez-Becerra, E.I. & Alcon, F., 2021. "Social desirability bias in the environmental economic valuation: An inferred valuation approach," Ecological Economics, Elsevier, vol. 184(C).
    13. Voltaire, Louinord & Donfouet, Hermann Pythagore Pierre & Pirrone, Claudio & Larzillière, Agathe, 2017. "Respondent Uncertainty and Ordering Effect on Willingness to Pay for Salt Marsh Conservation in the Brest Roadstead (France)," Ecological Economics, Elsevier, vol. 137(C), pages 47-55.
    14. Takashi Hayashi & Daisuke Kunii & Masayuki Sato, 2021. "A Practice in Valuation of Ecosystem Services for Local Policymakers: Inclusion of Local-Specific and Demand-Side Factors," Sustainability, MDPI, vol. 13(21), pages 1-17, October.
    15. Robert J. Johnston & Kevin J. Boyle & Wiktor (Vic) Adamowicz & Jeff Bennett & Roy Brouwer & Trudy Ann Cameron & W. Michael Hanemann & Nick Hanley & Mandy Ryan & Riccardo Scarpa & Roger Tourangeau & Ch, 2017. "Contemporary Guidance for Stated Preference Studies," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 4(2), pages 319-405.
    16. Hidemichi Fujii & Masayuki Sato & Shunsuke Managi, 2017. "Decomposition Analysis of Forest Ecosystem Services Values," Sustainability, MDPI, vol. 9(5), pages 1-14, April.
    17. 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.
    18. Haefele, Michelle A. & Loomis, John B. & Lien, Aaron M. & Dubovsky, James A. & Merideth, Robert W. & Bagstad, Kenneth J. & Huang, Ta-Ken & Mattsson, Brady J. & Semmens, Darius J. & Thogmartin, Wayne E, 2019. "Multi-country Willingness to Pay for Transborder Migratory Species Conservation: A Case Study of Northern Pintails," Ecological Economics, Elsevier, vol. 157(C), pages 321-331.
    19. Mwebaze, Paul & Marris, Gay C. & Brown, Mike & MacLeod, Alan & Jones, Glyn & Budge, Giles E., 2018. "Measuring public perception and preferences for ecosystem services: A case study of bee pollination in the UK," Land Use Policy, Elsevier, vol. 71(C), pages 355-362.
    20. 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.

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