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Contingent Valuation in Fisheries Management: The Design of Satisfactory Contingent Valuation Formats
Author(s) -
Hoehn John P.
Publication year - 1987
Publication title -
transactions of the american fisheries society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.696
H-Index - 86
eISSN - 1548-8659
pISSN - 0002-8487
DOI - 10.1577/1548-8659(1987)116<412:cvifm>2.0.co;2
Subject(s) - respondent , contingent valuation , valuation (finance) , recreation , business , economics , choice modelling , actuarial science , environmental economics , willingness to pay , microeconomics , marketing , accounting , ecology , biology , political science , law
Fisheries management involves trade‐offs across recreational, commercial, and aesthetic goods. Contingent valuation assists in quantifying these trade‐offs by eliciting resource values directly from the individuals who are affected by resource management. Recent research identifies three sources of potential error in contingent valuation design: (1) communication of complex policy information to individual respondents, (2) time constraints on a respondentˈs valuation decisions, and (3) strategic effects that arise as a respondent attempts to influence policy outcomes. A conceptual framework and design guidelines are developed for controlling these sources of error.