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Searching for the Correct Benefit Estimate: Empirical Evidence for an Alternative Perspective

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  • Leonard Shabman
  • Kurt Stephenson

Abstract

This paper contrasts the results of the contingent valuation, hedonic price, and property damages avoided valuation techniques. Each technique was used to estimate the value of flood risk reduction from the construction of a flood control project. Voting behavior in a referendum called specifically for the provision of the project was used to further interpret the results from the three valuation studies. Substantial differences were found between the estimates. In explaining these differences an alternative perspective on the current debate over the validity and accuracy of nonmarket value estimates is offered.

Suggested Citation

  • Leonard Shabman & Kurt Stephenson, 1996. "Searching for the Correct Benefit Estimate: Empirical Evidence for an Alternative Perspective," Land Economics, University of Wisconsin Press, vol. 72(4), pages 433-449.
    • Handle: RePEc:uwp:landec:v:72:y:1996:i:4:p:433-449
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    Cited by:

    1. Schmid, A. Allan, 2004. "Economic Analysis And Efficiency In Public Expenditure," Staff Paper Series 11776, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Vossler, Christian A. & Kerkvliet, Joe & Polasky, Stephen & Gainutdinova, Olesya, 2003. "Externally validating contingent valuation: an open-space survey and referendum in Corvallis, Oregon," Journal of Economic Behavior & Organization, Elsevier, vol. 51(2), pages 261-277, June.
    3. Gowan, Charles & Stephenson, Kurt & Shabman, Leonard, 2006. "The role of ecosystem valuation in environmental decision making: Hydropower relicensing and dam removal on the Elwha River," Ecological Economics, Elsevier, vol. 56(4), pages 508-523, April.
    4. Magdalena Joanna Hędrzak & Elżbieta Badach & Sławomir Adam Kornaś, 2021. "Preliminary Assumptions for Identification of the Common Hamster ( Cricetus cricetus ) as a Service Provider in the Agricultural Ecosystem," Sustainability, MDPI, vol. 13(12), pages 1-22, June.
    5. Allan Beltrán & David Maddison & Robert J. R. Elliott, 2018. "Assessing the Economic Benefits of Flood Defenses: A Repeat‐Sales Approach," Risk Analysis, John Wiley & Sons, vol. 38(11), pages 2340-2367, November.
    6. Felix Schlapfer & Anna Roschewitz & Nick Hanley, "undated". "Contingent valuation and real referendum behaviour," Working Papers 2001_8, Business School - Economics, University of Glasgow.
    7. Filatova, Tatiana & Parker, Dawn C. & van der Veen, Anne, 2011. "The Implications of Skewed Risk Perception for a Dutch Coastal Land Market: Insights from an Agent-Based Computational Economics Model," Agricultural and Resource Economics Review, Cambridge University Press, vol. 40(3), pages 405-423, December.
    8. Van Lantz & Ryan Trenholm & Jeff Wilson & William Richards, 2012. "Assessing market and non-market costs of freshwater flooding due to climate change in the community of Fredericton, Eastern Canada," Climatic Change, Springer, vol. 110(1), pages 347-372, January.
    9. Michel Lang & Bernard Chastan & Frédéric Grelot, 2009. "La méthode Inondabilité : appropriation par les hydrologues de la vulnérabilité dans le diagnostic sur le risque d'inondation," Post-Print hal-00493184, HAL.
    10. Guofang Zhai & Saburo Ikeda, 2006. "Flood Risk Acceptability and Economic Value of Evacuation," Risk Analysis, John Wiley & Sons, vol. 26(3), pages 683-694, June.
    11. Schlapfer, Felix, 2008. "Contingent valuation: A new perspective," Ecological Economics, Elsevier, vol. 64(4), pages 729-740, February.
    12. Cavatassi, Romina, 2004. "Valuation methods for environmental benefits in forestry and watershed investment projects," ESA Working Papers 23799, Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division (ESA).
    13. Guofang Zhai & Takeshi Suzuki, 2008. "Effects of Risk Representation and Scope on Willingness to Pay for Reduced Risks: Evidence from Tokyo Bay, Japan," Risk Analysis, John Wiley & Sons, vol. 28(2), pages 513-522, April.
    14. Vossler, Christian A. & Kerkvliet, Joe, 2003. "A criterion validity test of the contingent valuation method: comparing hypothetical and actual voting behavior for a public referendum," Journal of Environmental Economics and Management, Elsevier, vol. 45(3), pages 631-649, May.
    15. Johnston, Robert J., 2006. "Is hypothetical bias universal? Validating contingent valuation responses using a binding public referendum," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 469-481, July.
    16. Alicia N. Rambaldi & Cameron S. Fletcher & Kerry Collins & Ryan R.J. McAllister, 2013. "Housing Shadow Prices in an Inundation-prone Suburb," Urban Studies, Urban Studies Journal Limited, vol. 50(9), pages 1889-1905, July.
    17. Kousky, Carolyn & Shabman, Leonard, 2015. "Understanding Flood Risk Decisionmaking: Implications for Flood Risk Communication Program Design," RFF Working Paper Series dp-15-01, Resources for the Future.
    18. David E. Clark & Robert Griffin & Vladimir Novoty, 2005. "Assessing the Determinants of Willingness to Pay for Urban Flood Control: The Role of Locational, Demographic and attitudinal Factors," Working Papers and Research 0503, Marquette University, Center for Global and Economic Studies and Department of Economics.
    19. Schlapfer, Felix & Roschewitz, Anna & Hanley, Nick, 2004. "Validation of stated preferences for public goods: a comparison of contingent valuation survey response and voting behaviour," Ecological Economics, Elsevier, vol. 51(1-2), pages 1-16, November.
    20. Schilizzi, Steven, 1999. "Deciding between development and preservation of a natural asset: a way out of the impasse?," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 124547, Australian Agricultural and Resource Economics Society.
    21. Premachandra Wattage & John Soussan, 2003. "Incorporating Environmental Value and Externality in Project Evaluation as a Sustainability Indicator to evaluate Bangladesh Water Development," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 17(6), pages 429-446, December.

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