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Convergent Validity and the Time Consistency of Preferences: Evidence from the Iowa Lakes Recreation Demand Project

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  • DongGyu Yi
  • Joseph A. Herriges

Abstract

We examine the consistency of preferences over time and as implied by revealed versus stated preference (contingent behavior) data. Studies in this area are typically based upon a single site and focus on consumer response to changes in travel cost or site access. We use data from the Iowa Lakes Project, which provides information on usage patterns over several years and for 132 lakes, along with detailed water quality data. This allows us to test for convergence in how individuals respond to changing site characteristics, as well as the consistency of preferences over time and between actual versus contingent trips.

Suggested Citation

  • DongGyu Yi & Joseph A. Herriges, 2017. "Convergent Validity and the Time Consistency of Preferences: Evidence from the Iowa Lakes Recreation Demand Project," Land Economics, University of Wisconsin Press, vol. 93(2), pages 269-291.
    • Handle: RePEc:uwp:landec:v:93:y:2017:i:2:p:269-291
    Note: DOI: 10.3368/le.93.2.269
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    File URL: http://le.uwpress.org/cgi/reprint/93/2/269
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    Cited by:

    1. Xie, Lusi & Adamowicz, Wiktor & Kecinski, Maik & Fooks, Jacob R., 2022. "Using economic experiments to assess the validity of stated preference contingent behavior responses," Journal of Environmental Economics and Management, Elsevier, vol. 114(C).

    More about this item

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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