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Validating Contingent Valuation with Surveys of Experts

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  • Boyle, Kevin J.
  • Welsh, Michael P.
  • Bishop, Richard C.
  • Baumgartner, Robert M.

Abstract

Contingent-valuation estimates for white-water boating passengers are compared with Likert ratings by river guides. The approach involves asking whether passengers and their guides ordinally rank alternative flows the same. The National Oceanic and Atmospheric Administration's Contingent Valuation Panel (1993) suggested “one might want to compare its (contingent-valuation's) outcome with that provided by a panel of experts.” River guides constitute a counterfactual panel of “experts.” For commercial trips, optimum flows are 34,000 cfs and 31,000 cfs for passengers and guides, and the comparable figures for private trips are 28,000 cfs and 29,000 cfs. In the NOAA Panel framework, passengers can evaluate the consequences of various river flows and translate this into contingent-valuation responses.

Suggested Citation

  • Boyle, Kevin J. & Welsh, Michael P. & Bishop, Richard C. & Baumgartner, Robert M., 1995. "Validating Contingent Valuation with Surveys of Experts," Agricultural and Resource Economics Review, Cambridge University Press, vol. 24(2), pages 247-254, October.
    • Handle: RePEc:cup:agrerw:v:24:y:1995:i:02:p:247-254_00
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    References listed on IDEAS

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    1. Boyle, Kevin J. & Welsh, Michael P. & Bishop, Richard C., 1988. "Validation of empirical measures of welfare change: comment," MPRA Paper 31237, University Library of Munich, Germany.
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    Cited by:

    1. Phoebe Koundouri, 2004. "Econometrics Informing Natural Resources Management:Selected Empirical Analyses," DEOS Working Papers 0401, Athens University of Economics and Business.
    2. Perni, Ángel & Barreiro-Hurlé, Jesús & Martínez-Paz, José Miguel, 2021. "Contingent valuation estimates for environmental goods: Validity and reliability," Ecological Economics, Elsevier, vol. 189(C).
    3. Vassilis Markantonis & Kostas Bithas, 2010. "The application of the contingent valuation method in estimating the climate change mitigation and adaptation policies in Greece. An expert-based approach," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 12(5), pages 807-824, October.
    4. Li, Xiaoshu & Boyle, Kevin J. & Holmes, Thomas P. & LaRouche, Genevieve Pullis, 2014. "The effect of on-site forest experience on stated preferences for low-impact timber harvesting programs," Journal of Forest Economics, Elsevier, vol. 20(4), pages 348-362.
    5. V. Markantonis & V. Meyer & N. Lienhoop, 2013. "Evaluation of the environmental impacts of extreme floods in the Evros River basin using Contingent Valuation Method," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 69(3), pages 1535-1549, December.
    6. Jones, N. & Evangelinos, K. & Halvadakis, C.P. & Iosifides, T. & Sophoulis, C.M., 2010. "Social factors influencing perceptions and willingness to pay for a market-based policy aiming on solid waste management," Resources, Conservation & Recycling, Elsevier, vol. 54(9), pages 533-540.
    7. Li, Xiaoshu & Boyle, Kevin J. & Pullis, Genevieve, 2012. "Does On-site Experience Affect Responses to Stated Preference Questions?," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124991, Agricultural and Applied Economics Association.

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