Referendum contingent valuation, anchoring, and willingness to pay for public goods

Resource and Energy Economics

Volumn 20, Issue 2, 1998, Pages 85-116

  Green, Donald ^a   Jacowitz, Karen E ^b   Kahneman, Daniel ^c   McFadden, Daniel ^b  

^a YALE UNIVERSITY   (United States)

^b UNIVERSITY OF CALIFORNIA   (United States)

^c PRINCETON UNIVERSITY   (United States)

Author keywords

Anchoring; Contingent valuation; Willingness to pay

Indexed keywords

ESTIMATION; INDUSTRIAL ECONOMICS; PURCHASING; SOCIAL ASPECTS; STATISTICAL METHODS;

CONTINGENT VALUATION; WILLINGNESS TO PAY (WTP);

VALUE ENGINEERING;

CONTINGENT VALUATION; PUBLIC GOODS; REFERENDUM; SURVEY RESEARCH; WILLINGNESS TO PAY;

EID: 0032104361     PISSN: 09287655     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0928-7655(97)00031-6     Document Type: Article

References (49)

1. Barten, A.P., Bohm, V., 1982. Consumer theory. In: Arrow, K., Intriligator, M. (Eds.), Handbook of Mathematical Economics, Vol. 2, 381-429.
2. Bishop, R., Heberlein, T., 1979. Measuring values of extra-market goods: are indirect measures biased?. Am. J. Agric. Econ. 61, 926-930.
3. Bishop, R., Heberlein, T., Kealy, M., 1983. Contingent valuation of environmental assets: comparisons with a simulated market. Natural Resour. J. 23, 619-633.
4. Bohm, P., 1972. Estimating willingness to pay: an experiment. Eur. Econ. Rev. 3, 111-130.
5. Bowker, J., Stoll, J., 1988. Use of dichotomous choice nonmarket methods to value the whooping crane resource. Am. J. Agric. Econ. 70, 372-381.
6. Boyle, K., Bishop, R., 1987. Valuing wildlife in benefit-cost analysis: a case study involving endangered species. Water Resour. Res. 23, 943-950.
7. Boyle, K., Bishop, R., Welsh, M., 1985. Starting-point bias in contingent valuation bidding games. Land Econ. 61, 188-194.
8. Bradford, D., 1970. Benefit-cost analysis and demand curves for public goods. Kyklos 23, 775-791.
9. Cameron, T., Huppert, D., 1991. Referendum contingent valuation estimates: sensitivity to the assignment of offered values. J. Am. Stat. Assoc. 86, 910-918.
10. Cameron, T., James, M., 1987. Efficient estimation methods for use with 'closed-ended' contingent valuation survey data. Rev. Econ. Stat. 69, 269-276.
11. Carson, R., Mitchell, R., Hanemann, M., Kopp, R., Presser, S., Ruud, P., 1992. A contingent valuation study of lost passive use values resulting from the Exxon Valdez oil spill. Report to the Attorney General of the State of Alaska.
12. Ciriacy-Wanthrup, S., 1947. Capital returns from soil conservation programs. J. Farm Econ. 29, 1188-1190.
13. Cooper, J., Loomis, J., 1991. Economic value of wildlife resources in the San Joaquin Valley: hunting and viewing values, In: Dinar, A., Zilberman, D. (Eds.), The Economics and Management of Water and Drainage in Agriculture. Kluwer Academic, Boston.
14. Cummings, R., Brookshire, D., Schulze, W., 1986. Valuing Environmental Goods. Rowman and Littlefield: Savage, MD.
15. Davis, R., 1963. Recreation-planning as an economic problem. Natural Resour. J. 3, 239-249.
16. Desvousges, W., Johnson, R., Dunford, R., Boyle, K., Hudson, S., Wilson, N., 1992. Measuring nonuse damages using contingent valuation: an experimental evaluation of accuracy. RTI Monograph 93-1: Research Triangle, NC.
17. Diamond, P., Hausman, J., 1994. Contingent valuation: is some number better than no number?, J. Econ. Perspectives.
18. Diamond, P., McFadden, D., 1974. Some uses of the expenditure function in public finance. J. Public Econ. 3, 3-21.
19. Diewert, E., 1982. Duality approaches in microeconomic theory. In: Arrow, K., Intriligator, M. (Eds.), Handbook of Mathematical Economics, Vol. 2, 535-599.
20. Duffield, J., Patterson, D., 1991. Inference and optimal design for a welfare measure in dichotomous choice contingent valuation. Land Econ. 67, 225-239.
21. Durbin, J., 1973. Distribution Theory for Tests Based on the Sample Distribution Function, SIAM: Philadelphia.
22. Folmer, H., van Ierland, E., 1989. Valuation methods and policy-making in environmental economics: relevance and scope. In: Folmer, H., van Ierland, E. (Eds.), Valuation Methods and Policy-Making in Environmental Economics. Studies in Environmental Science 36, Elsevier, Amsterdam.
23. Gregory, R., Furby, L., 1987. Auctions, experiments, and contingent valuation. Public Choice 55, 273-289.
24. Gregory, R., Lichtenstein, S., Slovic, P., 1991. Valuing environmental resources: a constructive approach. Decision Research Discussion Paper, Eugene.
25. Hanemann, M., 1984. Welfare evaluations in contingent valuation experiments with discrete responses. Am. J. Agric. Econ. 66, 332-341.
26. Hanemann, M., 1994. Contingent valuation and economics. J. Econ. Perspectives.
27. Hausman, J. (Ed.), 1993. Contingent Valuation: A Critical Assessment. North Holland, Amsterdam.
28. Hoehn, J., Randall, A., 1987. A satisfactory benefit-cost indicator for contingent valuation. J. Environ. Econ. Manage. 14, 226-247.
29. Hurwicz, L., 1986. Incentive aspects of decentralization. In: Arrow, K., Intriligator, M. (Eds.), Handbook of Mathematical Economics, Vol. 3, 1441-1482.
30. Jacowitz, K., Kahneman, D., 1995. Measures of anchoring in estimation tasks. Personality and Social Psychology Bulletin, forthcoming.
31. McConnell, K., 1990. Models for referendum data: the structure of discrete choice models for contingent valuation. J. Environ. Econ. Manage. 18, 19-34.
32. McFadden, D., 1994. Contingent valuation and social choice. Am. J. Agric. Econ. 76, 689-708.
33. Milon, J., 1989. Contingent valuation experiments for strategic behavior. J. Environ. Econ. Manage. 17, 293-308.
34. Mitchell, Carson, 1989. Using surveys to value public goods: the contingent valuation method. John Hopkins Press, Baltimore.
35. Northcraft, G., Neale, M., 1987. Experts, amateurs, and real estate: an anchoring-and-adjustment perspective on property pricing decisions. Org. Behav. Human Decision Proc. 39, 84-97.
36. Palfrey, T., Rosenthal, H., 1990. Testing game-theoretic models of free-riding: new evidence on probability bias and learning. Working Paper, California Institute of Technology.
37. Quattrone, G., Lawrence, C., Finkel, S., Andrus, D., 1984. Explorations in anchoring: the effects of prior range, anchor extremity, and suggestive hints. Working Paper, Stanford University.
38. Randall, A., Ives, B., Eastman, C., 1974. Bidding games for valuation of aesthetic environmental improvements. J. Environ. Econ. Manage. 1, 132-149.
39. Rowe, R., D'Arge, R., Brookshire, D., 1980. An experiment on the economic value of visibility. J. Environ. Econ. Manage. 7, 1-19.
40. Schkade, D., Payne, J., 1993. Where do the numbers come from? How people respond to contingent valuation questions. In: Hausman, J. (Ed.), Contingent Valuation: A Critical Assessment, North Holland, Amsterdam.
41. Schultz, W., d'Arge, R., Brookshire, D., 1981. Valuing environmental commodities: some recent experiments. Land Econ. 57, 151-172.
42. Serfling, R., 1980. Approximation theorems of mathematical statistics. Wiley, New York.
43. Shorack, G., Wellner, J., 1986. Empirical processes with applications to statistics. Wiley, New York.
44. Silberman, J., Klock, M., 1989. The behavior of respondents in contingent valuation: evidence on starting bids. J. Behavioral Econ. 18, 51-60.
45. Smith, V., 1979. An experimental comparison of three public good decision mechanisms. Scand. J. Econ. 81, 198-215.
46. Thaler, R., Johnson, E., 1990. Gambling with the house money and trying to break even: the effects of prior outcomes on risky choice. Manage. Sci. 36, 643-660.
47. Tversky, A., Kahneman, D., 1974. Judgment under uncertainty: heuristics and biases. Science 185, 1124-1131.
48. Department of Commerce, National Oceanic and Atmospheric Administration. 1993. Report of the NOAA panel on contingent valuation. Federal Register, 58, No. 10, Jan. 13, 4602-4614.
49. Wilson, T., Houston, C., Etling, K., Brekke, N., 1994. Anchoring versus adjustment errors in judgment: the generalizability of anchoring effects. Working Paper, Univ. of Virginia.