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Combining Revealed and Stated Preferences: Consistency Tests and Their Interpretations

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  • Azevedo, Christopher D.
  • Herriges, Joseph A.
  • Kling, Catherine L.

Abstract

This article models the recreation demand for Iowa wetlands, combining survey data on both actual usage patterns (i.e., revealed preferences (RPs)) and anticipated changes to those patterns under hypothetical increases in trip costs (i.e., stated preferences (SPs)). We formulate and test specific hypotheses concerning potential sources of bias in each approach and discuss what can be learned about the validity of the models from such tests.

Suggested Citation

  • Azevedo, Christopher D. & Herriges, Joseph A. & Kling, Catherine L., 2003. "Combining Revealed and Stated Preferences: Consistency Tests and Their Interpretations," ISU General Staff Papers 200308010700001248, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genstf:200308010700001248
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    References listed on IDEAS

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    1. Weninger, Quinn & Herriges, Joseph A. & Kling, Catherine L. & McConnell, Kenneth & Strand, Ivar, 1999. "Joint Estimation of Contingent Valuation and Truncated Recreational Demands," Staff General Research Papers Archive 5349, Iowa State University, Department of Economics.
    2. Trudy Ann Cameron, 1992. "Nonuser Resource Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(5), pages 1133-1137.
    3. V. Kerry Smith, 1993. "Nonmarket Valuation of Environmental Resources: An Interpretive Appraisal," Land Economics, University of Wisconsin Press, vol. 69(1), pages 1-26.
    4. Alan Randall, 1994. "Difficulty with the Travel Cost Method," Land Economics, University of Wisconsin Press, vol. 70(1), pages 88-96.
    5. Hensher, David & Louviere, Jordan & Swait, Joffre, 1998. "Combining sources of preference data," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 197-221, November.
    6. R. Craig Layman & John R. Boyce & Keith R. Criddle, 1996. "Economic Valuation of the Chinook Salmon Sport Fishery of the Gulkana River, Alaska, under Current and Alternate Management Plans," Land Economics, University of Wisconsin Press, vol. 72(1), pages 113-128.
    7. Huang, Ju-Chin & Haab, Timothy C. & Whitehead, John C., 1997. "Willingness to Pay for Quality Improvements: Should Revealed and Stated Preference Data Be Combined?," Journal of Environmental Economics and Management, Elsevier, vol. 34(3), pages 240-255, November.
    8. Trudy Ann Cameron, 1992. "Combining Contingent Valuation and Travel Cost Data for the Valuation of Nonmarket Goods," Land Economics, University of Wisconsin Press, vol. 68(3), pages 302-317.
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