Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods
A literature search provides 83 studies from which 616 comparisons of contingent valuation (CV) to revealed preference (RP) estimates are made. Summary statistics of the CV/RP ratios are provided for the complete dataset, a 5 percent trimmed dataset, and a weighted dataset that gives equal weight to each study rather than each CV/RP comparison. For the complete dataset, the sample mean CV/RP ratio is 0.89 with a 95 percent confidence interval [0.81-0.96] and a median of 0.75. For the trimmed and weighted datasets, these summary statistics are (0.77; [0.74-0.81]; 0.75) and (0.92; [0.81-1.03]; 0.94), respectively. The Spearman rank correlation coefficients between the CV and RP estimates for the three datasets are 0.78, 0.88, and 0.92.
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- D C Harley & N D Hanley, 1989. "Economic Benefit Estimates for Nature Reserves: Methods and Results," Working Papers Series 89/6, University of Stirling, Division of Economics.
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- Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
- Hal R. Varian, 1983. "Non-parametric Tests of Consumer Behaviour," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 99-110.
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- William J. Vaughan & Clifford S. Russell, 1982. "Valuing a Fishing Day: An Application of a Systematic Varying Parameter Model," Land Economics, University of Wisconsin Press, vol. 58(4), pages 450-463.
- Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
- Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
- John, Kun H. & Walsh, Richard G. & Moore, Chester G., 1992. "Comparison of alternative nonmarket valuation methods for an economic assessment of a public program," Ecological Economics, Elsevier, vol. 5(2), pages 179-196, May.
- V. Kerry Smith & Yoshiaki Kaoru, 1990. "Signals or Noise? Explaining the Variation in Recreation Benefit Estimates," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(2), pages 419-433.
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- Kealy, Mary Jo & Montgomery, Mark & Dovidio, John F., 1990. "Reliability and predictive validity of contingent values: Does the nature of the good matter?," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 244-263, November. Full references (including those not matched with items on IDEAS)
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