Environmental Economics

Valuing Environmental Goods: A State of the Arts Assessment of the Contingent Valuation Method, Volume 1.A of Experimental Methods for Assessing Environmental Benefits

This document is the executive summary of a much larger companion report (EE-0280B) whose focus is a state of the art assessment of the contingent valuation method (CVM). The report explores many of the possible sources of bias and related counter-arguments. The larger study is divided into two major parts. Part I, summarized in Section B through F of this summary, is a literature review encompassing the historical setting of the contingent valuation method, its development and uses over a number of years, and potential relevance of research in experimental economics for the approach. Part I also considers the implications for the structure of survey instruments used in CVM, as well as for results of research findings in other disciplines, including psychology. Finally the Part I report focuses on the question of the accuracy of measures derived with the CVM.
Part II of the larger study, summarized in this summary in Sections G through L, presents results of a conference on "An Assessment of the State of the Arts of the Contingent Valuation Method," where the results of the research in Part I were subjected to critical review by a number of environmental economists and by a review panel consisting of Kenneth Arrow, Daniel Kahneman, Sherwin Rosen, and Vernon Smith. Major conclusions concerning the valuation approach are summarized.

  • Keywords

    Subject:
    1. Benefits Analysis
    1. Benefits Analysis - Valuation
    1. Benefits Analysis - Valuation - Stated Preference
    1. Benefits Analysis - Valuation - Stated Preference - Contingent Valuation
    Environmental Media:
    f. Multimedia
    Authors:
    Murdoch, James
    Thayer, James
    Gegax, Doug
    Schulze, William D.
    Anderson, Donald
    Gerking, Shelby D.
    Coulson, Anne
    Tashkin, Donald
    Anderson, Donald
    Dickie, Mark
    Brookshire, David S.
    Cummings, Ronald G.
    EPA Project Officer/ Manager:
    Carlin, Alan
    Geographic Area:
    Study Purpose:
    Methodology Development & Evaluation
    Report Series:
    Experimental Methods for Assessing Environmental Benefits
    Inventory Record #: EE-0280A
    List of all reports in the Series:
  • Participating Organizations

    Research Organization:

    Wyoming, University of, Institute for Policy ResearchAddress:
    City: State: ZIP:
    Phone: Fax:
    E-mail:
    Funding Organization:
    Environmental Protection Agency
    Office of Policy Analysis
    Address:
    City: Washington State: DC ZIP: 20460
    Phone: Fax:
    E-mail:
    Non-EPA Publishing Organization:
    Rowman & AllanheldAddress: 81 Adams Drive
    City: Totowa State: NJ ZIP: 07512
    Phone: Fax:
    E-mail:
  • Report Details
    Type:
    Final
    Date:
    Number of Pages:
    55
    Comment: The Rowman and Allanheld version is a later version
    Grant/Contract #:
    ISBN #:
    CR-811077-01-0
    0-8476-7448-7
  • How to Obtain Report


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    Date Linked: 05/28/2009
    Other Ways to Obtain the Report:
    You can obtain this report by contacting Rowman & Allanheld directly at:
    81 Adams Drive, Totowa, NJ 07512