Hardback
The Contingent Valuation of Environmental Resources
Methodological Issues and Research Needs
9781858983219 Edward Elgar Publishing
This major new book contains a collection of papers that examine the current state-of-the-art in the valuation of environmental resources. In particular, they assess the meaningfulness of environmental resource values obtained through the contingent valuation method.
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Critical Acclaim
Contributors
Contents
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Contingent valuation analysis is both a difficult and controversial means of environmental resource valuation. Yet many economists regard it as the only valid means of measuring values in environmental policy.
This major new book contains a collection of papers that examine the current state-of-the-art in the valuation of environmental resources. In particular, they assess the meaningfulness of environmental resource values obtained through the contingent valuation method. An internationally prominent group of scholars develops a fuller understanding of the strengths and weaknesses of the methodology and discusses a research agenda to improve estimates of environmental resource values. Economic value and the ability to obtain it through the survey measurement of consumer preferences is central to their discussion. Issues covered include the need for a broad perspective in valuation research, support for replication studies, the relationship between survey structure and survey responses, the processes by which environmental resources affect individual well-being, specific issues regarding environmental goods in surveys, and better tests of internal and external validity.
The current state-of-the-art is outlined in a series of core papers and then debated in discussion papers. This major book describes how practitioners, critics, and users of contingent valuation have framed the fundamental issues that must be solved if the approach is to gain wider acceptance.
This major new book contains a collection of papers that examine the current state-of-the-art in the valuation of environmental resources. In particular, they assess the meaningfulness of environmental resource values obtained through the contingent valuation method. An internationally prominent group of scholars develops a fuller understanding of the strengths and weaknesses of the methodology and discusses a research agenda to improve estimates of environmental resource values. Economic value and the ability to obtain it through the survey measurement of consumer preferences is central to their discussion. Issues covered include the need for a broad perspective in valuation research, support for replication studies, the relationship between survey structure and survey responses, the processes by which environmental resources affect individual well-being, specific issues regarding environmental goods in surveys, and better tests of internal and external validity.
The current state-of-the-art is outlined in a series of core papers and then debated in discussion papers. This major book describes how practitioners, critics, and users of contingent valuation have framed the fundamental issues that must be solved if the approach is to gain wider acceptance.
Critical Acclaim
‘. . . the lead papers and the responses do a good job of addressing and advancing the methodological focus. One very nice feature is that the authors often go outside the domain of the “pure economics” literature.’
– David Martin, Local Environment
‘The book is a welcome addition to the growing literature on environmental resource valuation methods. It significantly enhances knowledge concerning efficacy of CV for the purpose. The book will be of great help for those concerned with assessing environmental resources – economists, lawyers, non-governmental organization, and government bodies.’
– Bharat Desai, Journal of Science and Industrial Research
‘Much has changed since the NOAA report in 1993, and for anyone requiring an up to date assessment of the state of the art of environmental valuation this book is absolutely essential reading.’
– K.G. Willis, Environmental Values
‘In this book, Bjornstad and Kahn have succeeded in assembling a collection of first rate articles, which has to be regarded as compulsory reading in any serious study of the valuation of environmental resources.’
– Benito Müller, The Journal of Energy Literature
‘. . . this book provides an enlightening insight into the most fundamental debates surrounding contingent valuation, an increasingly important tool in economic analysis of environmental problems, as well a some of the proposed alternative approaches. Rather than outlining empirical examples and listing important aspects of the science, it highlights areas of controversy and emphasises possible avenues of research if the science is to progress. In this sense it makes a valuable and relatively balanced contribution to the burgeoning literature on CVM.’
– Tom Crowards, Environmental Politics
– David Martin, Local Environment
‘The book is a welcome addition to the growing literature on environmental resource valuation methods. It significantly enhances knowledge concerning efficacy of CV for the purpose. The book will be of great help for those concerned with assessing environmental resources – economists, lawyers, non-governmental organization, and government bodies.’
– Bharat Desai, Journal of Science and Industrial Research
‘Much has changed since the NOAA report in 1993, and for anyone requiring an up to date assessment of the state of the art of environmental valuation this book is absolutely essential reading.’
– K.G. Willis, Environmental Values
‘In this book, Bjornstad and Kahn have succeeded in assembling a collection of first rate articles, which has to be regarded as compulsory reading in any serious study of the valuation of environmental resources.’
– Benito Müller, The Journal of Energy Literature
‘. . . this book provides an enlightening insight into the most fundamental debates surrounding contingent valuation, an increasingly important tool in economic analysis of environmental problems, as well a some of the proposed alternative approaches. Rather than outlining empirical examples and listing important aspects of the science, it highlights areas of controversy and emphasises possible avenues of research if the science is to progress. In this sense it makes a valuable and relatively balanced contribution to the burgeoning literature on CVM.’
– Tom Crowards, Environmental Politics
Contributors
Contributors: J. Baron, D.J. Bjornstad, M.L. Cropper, R. Cummings, R. Deacon, W. Desvousges, P. Diamond, A. Fisher, W.M. Hanemann, S. Hudson, J.R. Kahn, J. Lazo, J. Louviere, G. McClelland, W. Oates, A. Randall, M. Ruby, W. Schulze, H. Schuman, P. Shapiro, D. Waldman
Contents
Contents: Acknowledgements Part I: Introduction Part II: Economic Theory and the Contingent Valuation Method Part III: Structural Issues Concerning Contingent Valuation Surveys Part IV: Comparison of Revealed and Stated Preference Methods: Calibration and Comparisons with Choice in Real Markets Part V: Comparison of Revealed and Stated Preferences Methods: Insights from Comparison with Collective Choice Models Part VI: Conclusions References Index
