By Anna Alberini, James R. Kahn
The instruction manual on Contingent Valuation is exclusive in that it makes a speciality of contingent valuation as a mode for comparing environmental swap. It examines econometric matters, conceptual underpinnings, implementation matters in addition to possible choices to contingent valuation. Anna Alberini and James Kahn have compiled a finished and unique reference quantity containing important case reports that display the implementation of contingent valuation in a large choice of functions. Chapters comprise these at the background of contingent valuation, a pragmatic consultant to its implementation, using experimental ways, an ecological economics viewpoint on contingent valuation and ways for constructing international locations.
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Extra info for Handbook On Contingent Valuation
4 A bottom line on CV The majority of research on the reliability of CV seems to rest on the presumption that there exists a crucial experiment (or set of experiments) that, once conducted, will allow us to decide in favor of or against the method. I believe this is a strategy that can never succeed. Just as there is no single experiment that discredits the method, there is none that unambiguously supports it. In most science, the accumulated evidence of repeated and veriﬁable experiments testing (and failing to reject) some hypothesis corresponding to what might be described as a ‘stationary theoretical principle’ ultimately changes the beliefs of the scientiﬁc community.
The ﬁrst two assumptions inﬂuence the speciﬁc form of the WTP function and, as Diamond has argued, seem plausible as descriptions of a number of CV applications. The last is not as plausible and plays a central role in Diamond’s speciﬁc bound for responsiveness to scope as well as in the adding-up test. That is, Hicksian WTP measures diﬀerences in the ‘spacing’ of indiﬀerence curves in monetary terms. 3), (that is, with the initial income m0, an unchanged price vector, and improved q1, a higher utility level u1 can be realized).
No private goods contribute to how it enhances individual utility. Under these circumstances, the willingness to pay for increases in such a resource should not be aﬀected by the prices of other private goods and services. It would, of course, be bounded by available income. Overall, then, stationarity of the economic values for environmental goods depends on the choices used to characterize the values and on what is assumed about how they contribute to individual preferences. As a rule, we do not know much about this second issue.