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Fat tails and truncated bids in contingent valuation: an application to an endangered shorebird species

In: Contingent Valuation of Environmental Goods

Author

Listed:
  • George Parsons
  • Kelley Myers

Abstract

Contingent valuation is a survey-based procedure that attempts to estimate how much households are willing to pay for specific programs that improve the environment or prevent environmental degradation. For decades, the method has been the center of debate regarding its reliability: does it really measure the value that people place on environmental changes? Bringing together leading voices in the field, this timely book tells a unified story about the interrelated features of contingent valuation and how those features affect its reliability. Through empirical analysis and review of past studies, the authors identify important deficiencies in the procedure, raising questions about the technique’s continued use.

Suggested Citation

  • George Parsons & Kelley Myers, 2017. "Fat tails and truncated bids in contingent valuation: an application to an endangered shorebird species," Chapters, in: Daniel McFadden & Kenneth Train (ed.), Contingent Valuation of Environmental Goods, chapter 2, pages 17-42, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17527_2
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    1. Glenk, Klaus & Meyerhoff, Jürgen & Colombo, Sergio & Faccioli, Michela, 2024. "Enhancing the face validity of choice experiments: A simple diagnostic check," Ecological Economics, Elsevier, vol. 221(C).
    2. John C. Whitehead & William P. Anderson, Jr. & Dennis Guignet & Craig E. Landry & O. Ashton Morgan, 2023. "Sea-Level Rise, Drinking Water Quality and the Economic Value of Coastal Tourism in North Carolina," Working Papers 23-09, Department of Economics, Appalachian State University.
    3. Desvousges, William H & Mathews, Kristy E & Train, Kenneth E, 2020. "Reply to Whitehead," Department of Economics, Working Paper Series qt4g87t7z3, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. John C. Whitehead & Andrew Ropicki & John Loomis & Sherry Larkin & Tim Haab & Sergio Alvarez, 2023. "Estimating the benefits to Florida households from avoiding another Gulf oil spill using the contingent valuation method: Internal validity tests with probability‐based and opt‐in samples," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(2), pages 705-720, June.
    5. Ho-Young Kim & So-Yeon Park & Seung-Hoon Yoo, 2016. "Public Acceptability of Introducing a Biogas Mandate in Korea: A Contingent Valuation Study," Sustainability, MDPI, vol. 8(11), pages 1-16, October.
    6. John C. Whitehead, "undated". "A Comment on “An Adding Up Test on Contingent Valuations of River and Lake Quality”," Working Papers 17-01_R, Department of Economics, Appalachian State University.
    7. Christopher Tate & Alberto Longo & Marco Boeri & Tim Taylor & Leandro Garcia & Ruth Hunter, 2025. "A Stated Preference Study to Explore Market-Based Instruments to Reduce Car Usage," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 88(8), pages 2201-2233, August.
    8. John C. Whitehead & O. Ashton Morgan & William L. Huth, 2018. "Convergent validity of stated preference methods to estimate willingness-to-pay for seafood traceability: The case of Gulf of Mexico oysters," Economics Bulletin, AccessEcon, vol. 38(1), pages 326-335.
    9. Lim, Seul-Ye & Kim, Hyo-Jin & Yoo, Seung-Hoon, 2018. "Household willingness to pay for expanding fuel cell power generation in Korea: A view from CO2 emissions reduction," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P1), pages 242-249.
    10. Tavárez, Héctor & Elbakidze, Levan, 2021. "Urban forests valuation and environmental disposition: The case of Puerto Rico," Forest Policy and Economics, Elsevier, vol. 131(C).
    11. Héctor Tavárez & Oscar Abelleira & Levan Elbakidze, 2024. "Environmental awareness and willingness to pay for biodiversity improvement in Puerto Rico," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 14(1), pages 154-166, March.
    12. Egan, Kevin J. & Corrigan, Jay R. & Dwyer, Daryl F., 2018. "Reply to “a comment on ‘three reasons to use annual payments in contingent valuation’”," Journal of Environmental Economics and Management, Elsevier, vol. 88(C), pages 489-495.
    13. Whitehead, John Claiborne, 2017. "A replication of willingness-to-pay estimates in "An adding up test on contingent valuations of river and lake quality" (Land Economics, 2015)," Economics Discussion Papers 2017-55, Kiel Institute for the World Economy (IfW Kiel).
    14. Ebad Allah Jahanabadi & Seyed Nematolla Mousavi & Mohammad Hashem Moosavihaghighi & Mohammad Reza Eslami, 2024. "Consumers’ willingness to pay for antibiotic-free chicken meat: application of contingent valuation method," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(10), pages 25151-25172, October.
    15. Jones, Benjamin A. & Ripberger, Joseph & Jenkins-Smith, Hank & Silva, Carol, 2017. "Estimating willingness to pay for greenhouse gas emission reductions provided by hydropower using the contingent valuation method," Energy Policy, Elsevier, vol. 111(C), pages 362-370.
    16. Glenk, Klaus & Meyerhoff, Jürgen & Akaichi, Faical & Martin-Ortega, Julia, 2019. "Revisiting cost vector effects in discrete choice experiments," Resource and Energy Economics, Elsevier, vol. 57(C), pages 135-155.
    17. Won Seok Lee, 2020. "A Study on the Value of Preserving a Parasitic Volcanic Sieve as a Tourism Good for Sustainable Management: Using the Contingent Valuation Method," Sustainability, MDPI, vol. 12(7), pages 1-12, April.
    18. Ioanna Grammatikopoulou & Janne Artell & Turo Hjerppe & Eija Pouta, 2020. "A Mire of Discount Rates: Delaying Conservation Payment Schedules in a Choice Experiment," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 77(3), pages 615-639, November.
    19. Martinet, Vincent & David, Maïa & Mermet-Bijon, Vincent & Crastes Dit Sourd, Romain, 2025. "Cost vector effects in forced-choice discrete choice experiments: Assessing the acceptability of future glyphosate policies," Journal of choice modelling, Elsevier, vol. 55(C).
    20. John C. Whitehead & William P. Anderson, Jr & Dennis Guignet & Craig E. Landry & O. Ashton Morgan, 2024. "Sea-Level Rise, Drinking Water Quality and the Economic Value of Coastal Tourism in North Carolina," Working Papers 24-01, Department of Economics, Appalachian State University.
    21. Deely, John & Hynes, Stephen & Barquín, José & Burgess, Diane & Álvarez-Martínez, Jose Manuel & Silió, Ana & Finney, Graham, 2022. "Are consumers willing to pay for beef that has been produced without the use of uncontrolled burning methods? A contingent valuation study in North-West Spain," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 577-590.
    22. Jones, Benjamin A. & Berrens, Robert P. & Jenkins-Smith, Hank & Silva, Carol & Ripberger, Joe & Carlson, Deven & Gupta, Kuhika & Wehde, Wesley, 2018. "In search of an inclusive approach: Measuring non-market values for the effects of complex dam, hydroelectric and river system operations," Energy Economics, Elsevier, vol. 69(C), pages 225-236.
    23. Aikaterini Koumoutsea & Paraskevi Boufounou & George Mergos, 2023. "Evaluating the Creative Economy Applying the Contingent Valuation Method: A Case Study on the Greek Cultural Heritage Festival," Sustainability, MDPI, vol. 15(23), pages 1-19, November.
    24. Leslie Richardson & Lynne Lewis, 2022. "Getting to know you: individual animals, wildlife webcams, and willingness to pay for brown bear preservation," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 673-692, March.
    25. Caputo, Vincenzina & Scarpa, Riccardo & Nayga, Rodolfo M. & Ortega, David L., 2018. "Are preferences for food quality attributes really normally distributed? An analysis using flexible mixing distributions," Journal of choice modelling, Elsevier, vol. 28(C), pages 10-27.

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