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Ex Ante Non-Market Valuation For Novel Product: Literature Review

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  • Dofonsou, Sika Gbegbelegbe
  • Lowenberg-DeBoer, James

Abstract

This paper provides a critical review of the literature on non-market valuation methods to estimate the welfare impact of novel products; it is the first study to assess both observed data- and perception-based methods as non-market valuation methods. Observed databased methods include budgets, regression, mathematical programming, and simulation. Perceptions-based methods include the contingent valuation method, choice-based conjoint analysis and experimental methods. Findings imply that the preferred observed data-based method to estimate the ex ante economic impact of a new technology on the welfare of the farm household is a combination of simulation and mathematical programming. The preferred perception-based method for estimating the ex ante impact of a novel product on the welfare of an economic agent is represented by experimental methods. Findings also imply that observed-data based methods and more specifically mathematical programming are more popular for estimating the ex ante farm-level economic impact of a new technology. On the other hand, perception-based methods are more popular for estimating the economic impact of a novel product for consumers.

Suggested Citation

  • Dofonsou, Sika Gbegbelegbe & Lowenberg-DeBoer, James, 2008. "Ex Ante Non-Market Valuation For Novel Product: Literature Review," Working papers 6327, Purdue University, Department of Agricultural Economics.
  • Handle: RePEc:ags:puaewp:6327
    DOI: 10.22004/ag.econ.6327
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    Keywords

    Research and Development/Tech Change/Emerging Technologies; Research Methods/ Statistical Methods;

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