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Lexicographic Preferences in Contingent Valuation: A Theoretical Framework with Illustrations

  • Mika Rekola
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    This paper considers some implications of L*-ordering, an incommensurable preference model proposed in earlier CVliterature. The structure and existence of inverse demand functions is shown to be a function of three elements, the relationship between goods and wants, WTA/ WTP formats and the endowment of the good. In a many-to-many relationship uncompensated and even compensated inverse demand functions may exist, whereas a one-to-one relationship, implicitly assumed in earlier literature, does not necessarily produce either. An illustration is provided in support of the theoretical framework, especially the hypothesis that one-to-one relationship and high share of CV responses revealing lexicographic preferences are correlated.

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    File URL: http://le.uwpress.org/cgi/reprint/79/2/277
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    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 79 (2003)
    Issue (Month): 2 ()
    Pages: 277-291

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    Handle: RePEc:uwp:landec:v:79:y:2003:i:2:p:277-291
    Contact details of provider: Web page: http://le.uwpress.org/

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