Premium
CVM‐X: Calibrating Contingent Values with Experimental Auction Markets
Author(s) -
Fox John A.,
Shogren Jason F.,
Hayes Dermot J.,
Kliebenstein James B.
Publication year - 1998
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1244548
Subject(s) - calibration , commodity , willingness to pay , econometrics , economics , microeconomics , reverse auction , double auction , process (computing) , common value auction , computer science , statistics , mathematics , market economy , operating system
We design and implement a method, CVM‐X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness‐to‐pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67–0.69) are less severe than for those with an initial dislike of the process (0.55–0.59), suggesting that calibration may be commodity specific.