Edited by Anna Alberini and James R. Kahn
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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