Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application to Valuing a Historic Site
This article employs the contingent valuation method (CVM) to measure the non- market value of preservation of the Ste. Genevieve Academy, a quasi-public good. This study represents a new application of the CVM featuring a historical resource. As such, the authors explore the validity and reliability of this application of the method. Construct validity tests based on economic theory and the reliability test of internal consistency are conducted. The authors find evidence that the CVM can be a useful approach for measuring the nonmarket value of quasi-public goods such as historical resources. The authors also illustrate how the CVM can be used for policy analysis of preservation of historical sites.
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- John C. Whitehead, 1995. "Willingness to Pay for Quality Improvements: Comparative Statics and Interpretation of Contingent Valuation Results," Land Economics, University of Wisconsin Press, vol. 71(2), pages 207-215.
- Richard T. Carson & Nicholas E. Flores & Kerry M. Martin & Jennifer L. Wright, 1996.
"Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods,"
University of Wisconsin Press, vol. 72(1), pages 80-99.
- Carson, Richard T. & Flores, Nicholas E. & Martin, Kerry M. & Wright, Jennifer L., 1995. "Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 148793, Australian Agricultural and Resource Economics Society.
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- Richard C. Bishop & Michael P. Welsh, 1992. "Existence Values in Benefit-Cost Analysis and Damage Assessment," Land Economics, University of Wisconsin Press, vol. 68(4), pages 405-417.
- Throsby, C. D. & Withers, Glenn A., 1986. "Strategic bias and demand for public goods : Theory and an application to the arts," Journal of Public Economics, Elsevier, vol. 31(3), pages 307-327, December.
- Cameron, Trudy Ann & Huppert, Daniel D., 1989. "OLS versus ML estimation of non-market resource values with payment card interval data," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 230-246, November.
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