Environmental Economics

Market Transactions and Hypothetical Demand Data: A Comparative Study

Empirical demand studies have been on data from: (1) actual market transactions, of (2) hypothetical survey questions. Many social scientists are skeptical of the accuracy of responses to hypothetical questions, yet few studies assess the quality of this type of data. This paper directly compares the demand relations obtained from actual market transactions and hypothetical survey questions using primary field data and limited dependent variable regression analysis. Using a log-likelihood ratio test, the null hypotheses that the two demand relations are statistically identical cannot be rejected at the 30 percent level of significance.

  • Keywords

    Subject:
    1. Benefits Analysis
    1. Benefits Analysis - Valuation
    1. Benefits Analysis - Valuation - Stated Preference
    1. Benefits Analysis - Valuation - Stated Preference - Contingent Valuation
    1. Benefits Analysis - Valuation - Revealed Preference
    1. Benefits Analysis - Valuation - Revealed Preference - Consumption Choices
    Environmental Media:
    g. Other
    Authors:
    Dickie, Mark
    Fisher, Ann
    Gerking, Shelby D.
    EPA Project Officer/ Manager:
    Carlin, Alan
    Geographic Area:
    Wyoming, Laramie
    Study Purpose:
    Empirical Application, Methodology Development & Evaluation
    Inventory Record #: EE-0351
  • Participating Organizations

    Research Organization:

    Wyoming, University of,Address:
    City: Laramie State: WY ZIP:
    Phone: Fax:
    E-mail:
    Funding Organization:
    Environmental Protection Agency, Office of Policy, Planning and EvaluationAddress:
    City: Washington State: DC ZIP: 20460
    Phone: Fax:
    E-mail:
  • Report Details
    Type:
    Final
    Date:
    07/01/1985
    Number of Pages:
    27
    Comment:
    Grant/Contract #:
    CR811077-01
    CR81205-01
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    Date Linked: 05/28/2009