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  • Articles  (48)
  • contingent valuation  (48)
  • Economics  (48)
  • 1
    Electronic Resource
    Electronic Resource
    To be, or not to be, that is the question: An empirical study of the WTP for an increased life expectancy at an advanced age (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 163-174 
    Details
    ISSN: 1573-0476
    Keywords: expected length of life ; time preference ; contingent valuation ; willingness to pay ; J17
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study reports an attempt to measure the value of an increased survival probability at advanced ages. It turns out that the average willingness to pay for a program which would increase the expected length of life by one year, conditional on having survived to the age of 75 years, is lower than $1,500. The willingness to pay increases with a person's age, but at a low and seemingly constant rate (1–4 percent per year).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057866
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  • 2
    Electronic Resource
    Electronic Resource
    Confusion of Relative and Absolute Risk in Valuation (1997)
    Springer
    Journal of risk and uncertainty 14 (1997), S. 301-309 
    Details
    ISSN: 1573-0476
    Keywords: relative risk ; value of life ; contingent valuation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Subjects were less willing to pay for government medical insurance for diseases when the number of people who could not be cured was higher, holding constant the number who could be cured. In a second experiment, willingness to pay (from a hypothetical government windfall) for risk reduction was unaffected by whether the risk was described in terms of percentage or number of lives saved, even though subjects knew that the risks in question differed in prevalence. These results are consistent with the findings of Fetherstonhaugh et al., Jenni and Loewenstein, and others. I suggest that these results can be explained in terms of a general tendency to confuse proportions and differences, a confusion that is analogous to other confusions of quantitative dimensions in children, adults, the news media, and perhaps even the epidemiological literature.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007796310463
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  • 3
    Electronic Resource
    Electronic Resource
    Calibrating Hypothetical Willingness to Pay Responses (1999)
    Springer
    Journal of risk and uncertainty 18 (1999), S. 21-32 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; hypothetical bias ; willingness to pay ; experiments ; calibration
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Experimental data comparing hypothetical and real dichotomous choice responses for two different goods were used to estimate a statistical bias function to calibrate the hypothetical yes responses. The probability that a hypothetical yes response would be a real yes response was estimated as a function of the individual's self-assessed certainty of the hypothetical yes response (assessed on a 0–10 scale) and a variable representing the price level. Without calibration the hypothetical yes responses significantly exceeded the proportion of real yes responses, but after calibration the null hypothesis of no difference between hypothetical and real responses could not be rejected in any of the experiments.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007708326467
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  • 4
    Electronic Resource
    Electronic Resource
    Economic Preferences or Attitude Expressions?: An Analysis of Dollar Responses to Public Issues (1999)
    Springer
    Journal of risk and uncertainty 19 (1999), S. 203-235 
    Details
    ISSN: 1573-0476
    Keywords: preferences ; attitudes ; contingent valuation ; psychology and economics ; utility assessment
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Participants in contingent valuation surveys and jurors setting punitive damages in civil trials provide answers denominated in dollars. These answers are better understood as expressions of attitudes than as indications of economic preferences. Well-established characteristics of attitudes and of the core process of affective valuation explain several robust features of dollar responses: high correlations with other measures of attractiveness or aversiveness, insensitivity to scope, preference reversals, and the high variability of dollar responses relative to other measures of the same attitude.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007835629236
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  • 5
    Electronic Resource
    Electronic Resource
    Reference points, loss aversion, and contingent values for auto safety (1992)
    Springer
    Journal of risk and uncertainty 5 (1992), S. 187-200 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; reference points ; automobile safety ; prospect theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article is concerned with the possible role of reference points and loss aversion (as suggested by prospect theory) in subjects' judgments about the value of increments and decrements in automobile safety. The contingent valuation method is employed in two experiments, both of which consider subjects' willingness-to-pay (WTP) for increased safety and compensation demanded (CD) for decreased safety in hypothetical new vehicle purchases. The results establish that disparities exist in subjects' WTP and CD values for the same increment of auto safety, even for a close-to-market context such as hypothetical new vehicle purchases. The results also indicate that evaluations can be manipulated by changing the perception of the reference point: losses can be recast as forgone gains and forgone gains as losses, altering (or even eliminating) differences between WTP and CD values.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057571
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  • 6
    Electronic Resource
    Electronic Resource
    Embedding effects: Stimulus representation and response mode (1993)
    Springer
    Journal of risk and uncertainty 6 (1993), S. 211-234 
    Details
    ISSN: 1573-0476
    Keywords: values ; contingent valuation ; environmental goods ; elicitation ; embedding
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Thecontingent valuation (CV) methodology assigns prices to environmental amenities by asking people how much they would be willing to pay in order to preserve or acquire those amenities. If this measurement procedure is valid, then responses should be sensitive to relevant changes in the amenities being judged and insensitive to irrelevant changes. One apparent demonstration of inappropriate insensitivity is theembedding effect: the observation that people are apparently willing to pay the same amount of money for a good as for a minor subset of that good. This study examined the possibility that the source of this effect lies with each of two (potentially treatable) methodological problems: 1) subjects have difficulty using quantitative (dollar) response modes to express their values; and 2) subjects have difficulty absorbing the essential details of the CV scenarios describing those goods. The study found that 1) subjects showed considerable embedding both with a simple paired-comparison response mode and with a more demanding one requiring direct dollar estimates; 2) embedding was much reduced with the simpler response mode; 3) subjects' preferences with the two response modes were usually inconsistent; 4) when asked to describe the CV scenario that they had just heard, subjects often reported key task details inaccurately; and 5) there was less embedding when tasks were reinterpreted in terms of the questions subjects reported having answered (as opposed to what had actually been asked). These results are discussed in terms of the match between the questions that investigators would like to ask and the ones that subjects are capable of answering.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01072612
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  • 7
    Electronic Resource
    Electronic Resource
    Valuing environmental resources: A constructive approach (1993)
    Springer
    Journal of risk and uncertainty 7 (1993), S. 177-197 
    Details
    ISSN: 1573-0476
    Keywords: preferences ; contingent valuation ; decision making ; environmental values
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The use of contingent valuation (CV) methods for estimating the economic value of environmental improvements and damages has increased significantly. However, doubts exist regarding the validity of the usual willingness to pay CV methods. In this article, we examine the CV approach in light of recent findings from behavioral decision research regarding the constructive nature of human preferences. We argue that a principal source of problems with conventional CV methods is that they impose unrealistic cognitive demands upon respondents. We propose a new CV approach, based on the value-structuring capabilities of multiattribute utility theory and decision analysis, and discuss its advantages and disadvantages.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01065813
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  • 8
    Electronic Resource
    Electronic Resource
    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 1-Caveat Investigator (1998)
    Springer
    Journal of risk and uncertainty 17 (1998), S. 5-26 
    Details
    ISSN: 1573-0476
    Keywords: safety ; contingent valuation ; embedding ; scope ; sequencing
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article reports the results of two studies aimed at testing and refining a procedure for estimating willingness-to-pay based monetary values of safety using the contingent valuation method. In spite of the fact that respondents were given the opportunity to discuss various safety issues and key concepts in focus group meetings held in advance of individual interviews, and were also given ample opportunity to revise their responses in the light of the overall pattern of these responses, the results show clear evidence of extensive and persistent insensitivity to the scale and scope of the safety improvements that were specified in the contingent valuation questions, as well as vulnerability to framing effects. This clearly casts serious doubt on the reliability and validity of willingness-to-pay based monetary values of safety estimated using conventional contingent valuation procedures.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007711416843
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  • 9
    Electronic Resource
    Electronic Resource
    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 2 - The CV/SG "Chained" Approach (1998)
    Springer
    Journal of risk and uncertainty 17 (1998), S. 187-214 
    Details
    ISSN: 1573-0476
    Keywords: Safety ; contingent valuation ; standard gambles ; embedding ; scope ; sequencing
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article reports the results of a study aimed at estimating a willingness-to-pay based value of statistical life for road risks using a multi-stage approach which involves "chaining together" responses to contingent valuation and standard gamble questions. The rationale for employing a multi-stage approach is to break the wealth/risk of death trade-off down into a number of conceptually manageable steps, thereby trying to attenuate the various biases that appear to be pervasive in responses to more direct contingent valuation questions in the health and safety field.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007782800868
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  • 10
    Electronic Resource
    Electronic Resource
    Measuring values: A conceptual framework for interpreting transactions with special reference to contingent valuation of visibility (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 147-184 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; value measurement ; transactions ; atmospheric visibility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract People express their value for a good when they pay something for it. Interpretinggood andpayment very broadly, we offer a general analytical framework for characterizing such transactions. This framework is suitable for interpreting actual transactions as well as for creating hypothetical transactions for research purposes. It is described here both in general terms and with special application to one particular kind of transaction, contingent valuation studies in which individuals estimate the value of possible changes in atmospheric visibility. In these transactions, as in many others, risk (of undesired changes in visibility) is one principal feature; at least some uncertainty often surrounds other transaction features as well (For example: How much will visibility really change if I promise to pay for it? Will I really have to pay?). The framework presented here conceptualizes any transaction as involving (a) a good, (b) a payment, and (c) a social context within which the transaction is conducted. Each of these aspects in turn has a variety of features that might and in some cases should affect evaluations. For each such feature, the framework considers first the meaning of alternative specifications and then the difficulties of ensuring that they are understood and evaluated properly. As a whole, the framework provides an integrated approach to designing evaluation studies and interpreting their results.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00056166
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