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Valuing Non-market Goods Using Contingent Valuation

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  • Hanley, N D

Abstract

Contingent valuation is a technique being developed by economists for the valuation of environmental commodities not traded in markets. This paper discusses the major problem areas associated with this method of value estimation. These comprise bias (strategic, hypothetical and design biases); the aggregations procedure; the choice of question format; and non-use values. Some evidence from comparative studies is reported, and comments made on the accuracy of contingent valuation answers. Finally, the conditions under which contingent valuation seems to operate best are set out. Copyright 1989 by Blackwell Publishers Ltd

Suggested Citation

  • Hanley, N D, 1989. "Valuing Non-market Goods Using Contingent Valuation," Journal of Economic Surveys, Wiley Blackwell, vol. 3(3), pages 235-252.
    • Handle: RePEc:bla:jecsur:v:3:y:1989:i:3:p:235-52
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    Cited by:

    1. Nick Hanley, 1992. "Are there environmental limits to cost benefit analysis?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(1), pages 33-59, January.
    2. Kim, Ju-Yeon & Mjelde, James W. & Kim, Tae-Kyun & Lee, Choong-Ki & Ahn, Kyung-Mo, 2012. "Comparing willingness-to-pay between residents and non-residents when correcting hypothetical bias: Case of endangered spotted seal in South Korea," Ecological Economics, Elsevier, vol. 78(C), pages 123-131.
    3. N Hanley & S Hallett & I Moffatt, 1990. "Research Policy and Review 33. Why is More Notice not Taken of Economists' Prescriptions for the Control of Pollution?," Environment and Planning A, , vol. 22(11), pages 1421-1439, November.
    4. Richard C. Bishop & Kevin J. Boyle, 2019. "Reliability and Validity in Nonmarket Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(2), pages 559-582, February.
    5. Luís Cruz & Paula Simões & Eduardo Barata, 2014. "Combining Observed and Contingent Travel Behaviour: The Best of Both Worlds?," Notas Económicas, Faculty of Economics, University of Coimbra, issue 40, pages 7-25, December.
    6. Simões, Paula & Barata, Eduardo & Cruz, Luís, 2013. "Joint estimation using revealed and stated preference data: An application using a national forest," Journal of Forest Economics, Elsevier, vol. 19(3), pages 249-266.

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