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Cvm-X: Calibrating Contingent Values with Experimental Auction Markets

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Listed:
  • Fox, John A.
  • Shogren, J.
  • Hayes, Dermot J.
  • Kliebenstein, James

Abstract

We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.
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Suggested Citation

  • Fox, John A. & Shogren, J. & Hayes, Dermot J. & Kliebenstein, James, 2003. "Cvm-X: Calibrating Contingent Values with Experimental Auction Markets," Staff General Research Papers Archive 11935, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:11935
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