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Review of Contingent Valuation of Environmental Goods: A Comprehensive Critique. Edited by Daniel McFadden and Kenneth Train (2017): An Update

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  • John C. Whitehead

Abstract

This paper updates the review of the 2017 BP-funded book critical of the contingent valuation method (McFadden and Train, 2017) that was published in the Australian Journal of Agricultural and Resource Economics (Whitehead, volume 64, number 2, pp. 710-713, 2018). In that review I noted that an expanded review, with summaries of each chapter, was available upon request. A few requests trickled in but I always responded that the expanded review was not quite ready to share. This was primarily due to a comment that I was writing on a chapter in the book and other on-going work that I wanted to include. That comment has been published and my retort to the reply was posted as a working paper in 2024. Therefore, it is high time to finish the extended review of the book. In this paper I include the original review and add two appendices. One appendix contains the short reviews of each chapter promised in 2018 and another is the 2021 proposal narrative for a forthcoming book that more fully responds to McFadden and Train (2017). Key Words:

Suggested Citation

  • John C. Whitehead, 2024. "Review of Contingent Valuation of Environmental Goods: A Comprehensive Critique. Edited by Daniel McFadden and Kenneth Train (2017): An Update," Working Papers 24-17, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:24-17
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp2417.pdf
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    References listed on IDEAS

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    1. H. Spencer Banzhaf & Dallas Burtraw & David Evans & Alan Krupnick, 2006. "Valuation of Natural Resource Improvements in the Adirondacks," Land Economics, University of Wisconsin Press, vol. 82(3), pages 445-464.
    2. Robert J. Johnston & Kevin J. Boyle & Wiktor (Vic) Adamowicz & Jeff Bennett & Roy Brouwer & Trudy Ann Cameron & W. Michael Hanemann & Nick Hanley & Mandy Ryan & Riccardo Scarpa & Roger Tourangeau & Ch, 2017. "Contemporary Guidance for Stated Preference Studies," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 4(2), pages 319-405.
    3. Whitehead, John C., 2016. "Plausible responsiveness to scope in contingent valuation," Ecological Economics, Elsevier, vol. 128(C), pages 17-22.
    4. Jerrod M Penn & Wuyang Hu, 2018. "Understanding Hypothetical Bias: An Enhanced Meta-Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 100(4), pages 1186-1206.
    5. Richard T. Carson, 2012. "Contingent Valuation: A Practical Alternative When Prices Aren't Available," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 27-42, Fall.
    6. Howard, Gregory & Whitehead, John C. & Hochard, Jacob, 2021. "Estimating discount rates using referendum-style choice experiments: An analysis of multiple methodologies," Journal of Environmental Economics and Management, Elsevier, vol. 105(C).
    7. Desvousges, William & Mathews, Kristy & Train, Kenneth, 2012. "Adequate responsiveness to scope in contingent valuation," Ecological Economics, Elsevier, vol. 84(C), pages 121-128.
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