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The Contingent Valuation Debate: Why Economists Should Care
Open accessAbstract
The contingent valuation method, wherein sample surveys are used to elicit individuals’ willingness to pay for certain types of policies, is playing an important role in government decision-making. The most prominent applications are in the valuation of damages to natural resources from oil spills. But the contingent valuation method will be more important still if it is used to expand the range of impacts included in applied benefit-cost analyses. This paper explains the origins of the contingent valuation method and the route through which it came to be the center of both an academic and a legal debate.
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Citations
Cited by
(1997) · American Economic Review · Cited by 1,564
Eliciting Willingness to Pay Without Bias: Evidence from a Field Experiment
Blumenschein, K., Blomquist, G. C., Johannesson, M., Horn, N., & Freeman, P. (2008) · The Economic Journal · doi:10.1111/j.1468-0297.2007.02106.x · Cited by 377
Valuing flood disasters using the life satisfaction approach
Luechinger, S., & Raschky, P. A. (2009) · Journal of Public Economics · doi:10.1016/j.jpubeco.2008.10.003 · Cited by 353
Escobedo, F. J., Wagner, J. E., Nowak, D. J., De la Maza, C. L., Rodriguez, M., & Crane, D. E. (2008) · Journal of Environmental Management · doi:10.1016/j.jenvman.2006.11.029 · Cited by 323
Kingma, B., & McClure, K. (2015) · College & Research Libraries · doi:10.5860/crl.76.1.63 · Cited by 38
Metadata
- Authors
- Portney, P. R.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1994-11-01
- Volume
- 8
- Issue
- 4
- Pages
- 3-17
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2117849936
- Cited by
- 852
- References
- 0
- FWCI
- 69.99
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Portney, P. R. (1994). The Contingent Valuation Debate: Why Economists Should Care. Journal of Economic Perspectives. https://doi.org/10.1257/jep.8.4.3
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
