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Stated Preference Approaches for Measuring Passive Use Values: Choice Experiments and Contingent Valuation
Author(s) -
Adamowicz Wiktor,
Boxall Peter,
Williams Michael,
Louviere Jordan
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 - 10.2307/3180269
Subject(s) - contingent valuation , valuation (finance) , econometrics , preference , choice modelling , economics , revealed preference , willingness to pay , microeconomics , statistics , mathematics , finance
The measurement of passive use values has become an important issue in environmental economics. In this paper we examine an extension or variant of contingent valuation, the choice experiment, which employs a series of questions with more than two alternatives that are designed to elicit responses that allow the estimation of preferences over attributes of an environmental state. We also combine the information from choice experiments and contingent valuation to test for differences in preferences and error variances arising from the two methods. Our results show that choice experiments have considerable merit in measuring passive use values.