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 20: Conclusions

Anna Alberini and James R. Kahn

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


Anna Alberini and James R. Kahn The process of writing a concluding chapter for a book that explores a wide range of issues is a daunting task. Each specific chapter generates a conclusion or set of conclusions, but the individual conclusions do not directly aggregate into a specific set of results that provide a directed roadmap for valuation. The process is further complicated by the fact that, even though we have had 50 years of experience with contingent valuation and other stated preference approaches, contingent valuation remains a controversial method of determining the value of non-market goods. Consequently the use of these value estimates in cost–benefit analysis or other decisionmaking processes remains controversial. One thing that has been made quite clear by the chapters in this book, is that substantial progress has been made in developing and implementing the contingent valuation method to produce value estimates in which people have more confidence. This progress includes econometric advances, developments in the writing of survey questions, the development of a better understanding of biases, and the ability to limit or bound the bias in value estimates, the development of tests of the validity of valuation estimates, how to use internet to implement contingent valuation, implementing contingent valuation on a limited budget, the development of related techniques such as conjoint analysis, and the application of contingent valuation to non-market valuation in developing countries, particularly in the subsistence or informal sector of developing countries. Although significant progress has...

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