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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|Date of creation:||Feb 1995|
|Date of revision:|
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- Gramlich, Edward M & Rubinfeld, Daniel L, 1982. "Micro Estimates of Public Spending Demand Functions and Tests of the Tiebout and Median-Voter Hypotheses," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 536-60, June.
- V. Smith & Ju Huang, 1993. "Hedonic models and air pollution: Twenty-five years and counting," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(4), pages 381-394, August.
- 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.
- Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-77, March.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
- 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.
- V. Kerry Smith & William H. Desvousges & Ann Fisher, 1986. "A Comparison of Direct and Indirect Methods for Estimating Environmental Benefits," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(2), pages 280-290.
- Bergstrom, Theodore C & Rubinfeld, Daniel L & Shapiro, Perry, 1982. "Micro-Based Estimates of Demand Functions for Local School Expenditures," Econometrica, Econometric Society, vol. 50(5), pages 1183-1205, September.
- Alan Randall, 1994. "Difficulty with the Travel Cost Method," Land Economics, University of Wisconsin Press, vol. 70(1), pages 88-96.
- Wendell Beardsley, 1971. "Bias and Noncomparability in Recreation Evaluation Models," Land Economics, University of Wisconsin Press, vol. 47(2), pages 175-180.
- Navrud, StAle & Mungatana, E. D., 1994. "Environmental valuation in developing countries: The recreational value of wildlife viewing," Ecological Economics, Elsevier, vol. 11(2), pages 135-151, November.
- Bohm, Peter, 1972. "Estimating demand for public goods: An experiment," European Economic Review, Elsevier, vol. 3(2), pages 111-130.
- Adamowicz W. & Louviere J. & Williams M., 1994.
"Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities,"
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Elsevier, vol. 26(3), pages 271-292, May.
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- Mordechai Shechter, 1991. "A comparative study of environmental amenity valuations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(2), pages 129-155, June.
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- Kalle Seip & Jon Strand, 1992.
"Willingness to pay for environmental goods in Norway: A contingent valuation study with real payment,"
Environmental & Resource Economics,
Springer;European Association of Environmental and Resource Economists, vol. 2(1), pages 91-106, January.
- Seip, K. & Strand, J., 1990. "Willingness To Pay For Environmental Goods In Norway: A Contingent Valuation Study With Real Payment," Memorandum 12/1990, Oslo University, Department of Economics.
- 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.
- 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.
- Cummings, R. & Schulze, W. & Gerking, S. & Brookshire, D., 1986. "Measuring the elasticity of substitution of wages for municipal infrastructure: A comparison of the survey and wage hedonic approaches," Journal of Environmental Economics and Management, Elsevier, vol. 13(3), pages 269-276, September.
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- Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
- Christine Seller & John R. Stoll & Jean-Paul Chavas, 1985. "Validation of Empirical Measures of Welfare Change: A Comparison of Nonmarket Techniques," Land Economics, University of Wisconsin Press, vol. 62(2), pages 156-175.
- Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September.
- 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.
- Brookshire, David S, et al, 1985. "A Test of the Expected Utility Model: Evidence from Earthquake Risks," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 369-89, April.
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