Abstract
‘Contingent valuation’ methods are used to generate demand data, usually from household surveys, when real markets do not supply reliable revealed preference data about demands for certain types of goods. A number of significant lawsuits have promoted their use in estimating demand for environmental goods. They are also used by transportation economists, health economists and market researchers. Although the degree of acceptance of these methods varies, many economists agree that a value based on stated preferences derived from carefully conceived and executed research is almost certainly preferable to no number at all.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Bibliography
Arrow, K., R. Solow, P.R. Portney, E.E. Leamer, R. Radner, and H. Schuman. 1993. Report of the NOAA panel on contingent valuation. Federal Register 58: 4601–4614.
Boyle, K.J. 2003. Contingent valuation in practice. In A primer on nonmarket valuation, ed. P.A. Champ, K.J. Boyle, and T.C. Brown. Boston: Kluwer Academic Publishers.
Carson, R.T. 2000. Contingent valuation: A user’s guide. Environmental Science & Technology 34: 1413–1418.
Carson, R.T., N.E. Flores, K.M. Martin, and J.L. Wright. 1996. Contingent valuation and revealed preference methodologies: Comparing the estimates for quasi-public goods. Land Economics 72: 80–99.
Cummings, R.G., D.S. Brookshire, and W.D. Schulze, eds. 1986. Valuing environmental goods: An assessment of the contingent valuation method. Totowa: Rowman and Allanheld.
Diamond, P.A., and J.A. Hausman. 1994. Contingent valuation – Is some number better than no number? Journal of Economic Perspectives 8(4): 45–64.
Freeman, A.M.I. 2003. The Measurement of Environmental and Resource Values: Theory and Methods. Washington, DC: Resources for the Future.
Hanemann, W.M. 1994. Valuing the environment through contingent valuation. Journal of Economic Perspectives 8(4): 19–43.
Holmes, T.P., and W.L. Adamowicz. 2003. Attribute-based methods. In A primer on nonmarket valuation, ed. P.A. Champ, K.J. Boyle, and T.C. Brown. Boston: Kluwer Academic Publishers.
Louviere, J.J., D.A. Hensher, and J.D. Swait. 2000. Stated choice methods. New York: Cambridge University Press.
Manski, C.F. 2004. Measuring expectations. Econometrica 72: 1329–1376.
McFadden, D. 1994. Contingent valuation and social choice. American Journal of Agricultural Economics 76: 689–708.
Mitchell, R.C., and R.T. Carson. 1989. Using surveys to value public goods: The contingent valuation method. Washington, DC: Resources for the Future.
Portney, P.R. 1994. The contingent valuation debate – Why economists should care. Journal of Economic Perspectives 8(4): 3–17.
Smith, R.D. 2003. Construction of the contingent valuation market in health care: A critical assessment. Health Economics 12: 609–628.
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Cameron, T.A. (2018). Contingent Valuation. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2391
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_2391
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences