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Constructing Markets: Environmental Economics and the Contingent Valuation Controversy

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  • H. Spencer Banzhaf

Abstract

As economists took up the task of measuring the “demand†for environmental services not traded in markets, some chose to substitute survey-based methods known as contingent valuation (CV). Doing so, they could not help but find themselves in the uncomfortable position of self-evidently constructing their observations rather than merely observing them. Apparent anomalies between the constructs and the predictions for economic man led to a fierce debate over the merits of contingent valuation—a debate that hinged on the question of whether economic theory was being “applied†or “tested.â€

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  • H. Spencer Banzhaf, 2017. "Constructing Markets: Environmental Economics and the Contingent Valuation Controversy," History of Political Economy, Duke University Press, vol. 49(5), pages 213-239, Supplemen.
    • Handle: RePEc:hop:hopeec:v:49:y:2017:i:5:p:213-239
    DOI: 10.1215/00182702-4166335
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    Cited by:

    1. Berta, Nathalie, 2020. "Efficiency without Optimality: A Pragmatic Compromise for Environmental Policies in the Late 1960s," OSF Preprints wp2xf_v1, Center for Open Science.
    2. Dupont-Kieffer, Ariane & Rivot, Sylvie & Madre, Jean-Loup, 2020. "The Penetration Of Engineering By Economics: Mcfadden (1974) And The Transformation Of Road Demand Estimation," OSF Preprints kucbt_v1, Center for Open Science.

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