Table of Contents

Handbook on Contingent Valuation

Handbook on Contingent Valuation

Elgar original reference

Edited by Anna Alberini and James R. Kahn

The Handbook on Contingent Valuation is unique in that it focuses on contingent valuation as a method for evaluating environmental change. It examines econometric issues, conceptual underpinnings, implementation issues as well as alternatives to contingent valuation. Anna Alberini and James Kahn have compiled a comprehensive and original reference volume containing invaluable case studies that demonstrate the implementation of contingent valuation in a wide variety of applications. Chapters include those on the history of contingent valuation, a practical guide to its implementation, the use of experimental approaches, an ecological economics perspective on contingent valuation and approaches for developing nations.

Chapter 11: Temporal Reliability in Contingent Valuation (with a Restrictive Research Budget)

Paul M. Jakus, Becky Stephens and J. Mark Fly

Subjects: economics and finance, environmental economics, valuation, environment, environmental economics, valuation


Paul M. Jakus, Becky Stephens and J. Mark Fly 11.1 Introduction Information provided by contingent valuation (CV) surveys is becoming more commonly used as an input into the policy-making process. Loomis (1999), for example, outlines the degree to which numerous federal and state agencies in the United States have used WTP estimates to formulate policy decisions and options. At the same time that demand for valid and reliable willingness to pay (WTP) estimates is growing, the criteria by which a CV survey can be evaluated as ‘good’ have become very stringent. The NOAA Panel on Contingent Valuation (Arrow et al., 1993) set the bar very high, outlining a set of prescriptions they claimed were necessary to produce reliable and valid WTP estimates for non-use values to be used in natural resource damage litigation. These criteria make CV surveys very expensive, and also beg the question about ‘quality’ criteria for CV surveys intended to estimate use values for environmental commodities whose services are well known to users. If valid and reliable WTP estimates can be done relatively inexpensively, this would allow trustees to make better informed policy and management decisions. CV surveys have often been used to estimate use values for outdoor recreation activities such as hunting and fishing. Indeed, a seminal CV article focused on hunting permits and was sponsored by the Wisconsin fish and game agency (Bishop and Heberlein, 1979). In recent years, state fish and game agencies have come under increasing pressure to incorporate human dimensions research into...

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