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Applying A Method Of Paired Comparisons To Measure Economic Values For Multiple Goods Sets

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  • Rosenberger, Randall S.
  • Peterson, George L.
  • Loomis, John B.

Abstract

A method of paired comparison is adapted for use in estimating economic measures of value. The method elicits multiple binary choices for paired items in a choice set. Probability distributions and economic values are estimated nonparametrically and parametrically. The method is applied in an experimental context with a choice set composed of four private goods and several sums of money. The sample's median value estimtes for the goods are generally not different than the market prices for these goods. People who are in the market for a good value it higher than those not in the market for the good.

Suggested Citation

  • Rosenberger, Randall S. & Peterson, George L. & Loomis, John B., 2002. "Applying A Method Of Paired Comparisons To Measure Economic Values For Multiple Goods Sets," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 34(1), pages 1-15, April.
    • Handle: RePEc:ags:joaaec:15516
    DOI: 10.22004/ag.econ.15516
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    References listed on IDEAS

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    2. Loomis, John & Peterson, George & Champ, Patricia & Brown, Thomas & Lucero, Beatrice, 1998. "Paired comparison estimates of willingness to accept versus contingent valuation estimates of willingness to pay," Journal of Economic Behavior & Organization, Elsevier, vol. 35(4), pages 501-515, May.
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    7. Johnson, F. Reed & Desvousges, William H., 1997. "Estimating Stated Preferences with Rated-Pair Data: Environmental, Health, and Employment Effects of Energy Programs," Journal of Environmental Economics and Management, Elsevier, vol. 34(1), pages 79-99, September.
    8. Rosenberger, Randall S. & Loomis, John B., 2000. "Panel Stratification in Meta-Analysis of Economic Studies: An Investigation of Its Effects in the Recreation Valuation Literature," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 32(3), pages 459-470, December.
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    Cited by:

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