Economic Valuation With Stated Preference Techniques: A Manual
Ian J. Bateman
University of East Anglia
Richard T. Carson
University of California, San Diego
Brett Day
University of East Anglia
W. Michael Hanemann
University of California, Berkeley
Nick Hanley
University of Glasgow
Tanis Hett
Economics for the Environment Consultancy, Ltd.
Michael Jones Lee
University of Newcastle
Graham Loomes
University of East Anglia
Susana Mourato
Imperial College
Ece Özdemiroglu
Economics for the Environment Consultancy, Ltd.
David W. Pearce
University College, London
Edward Elgar
2002
Table of Contents
List of Figures
List of Tables
List of Boxes
The Authors
List of Acronyms
Forward
INTRODUCTION
Purpose of this manual
Justification for assigning economic values to non-market effects
A guide to the manual
Part I: CONCEPTS
1. The foundations of economic valuation
1.1 The uses of economic valuation
1.2 The nature of economic valuation and economic efficiency
1.3 Economic valuation and other values
1.4 Economic valuation when there are no markets
1.5 Economic valuation and the demand curve
1.6 Willingness to pay and willingness to accept
1.7 Total economic value and aggregation
1.8 Stated preferences and pubic participation
ANNEX 1.1 Benefit transfer and stated preference techniques
ANNEX 1.2 Use of stated preference in UK environmental policy: the case of
aggregates levy
ANNEX 1.3 Discounting
2. Commissioning a stated preference study
2.1 Defining the context
2.2 Is economic valuation necessary and credible?
2.3 Choosing between economic valuation techniques
2.4 Commissioning a valuation study: a checklist
2.5 A typical work plan for a stated preference study
PART II. STATED PREFERENCE TECHNIQUES
3. population, sample and survey mode
3.1 Defining the target population
3.2 The need for and the importance of sampling
3.3 The sampling frame
3.4 Choosing the sample
3.5 Choosing the sampling mode
3.6 Choosing the sample size
4. Designing a contingent valuation questionnaire
4.1 Useful lessons from other disciplines
4.2 The stages of designing a contingent valuation questionnaire
4.3 Pre-testing
4.4 The main survey
ANNEX 4.1 Writing survey questions
5. Analysis of contingent valuation data
5.1 Contingent valuation datasets
5.2 Specification of the bid function
5.3 Estimating mean and median WTP
5.4 Models for testing the validity of WTP values
5.5 Models for benefit transfer exercises
5.6 Conclusions
ANNEX 5.1 Econometric estimation of the bid function
ANNEX 5.2 Estimating mean and median WTP
6. Designing a choice modeling questionnaire
6.1 What is choice modeling?
6.2 Main choice modeling approaches
6.3 Common design stages
6.4 Advantages and disadvantages of choice modeling relative to other
economic valuation techniques
7. Analysis of choice modeling data
7.1 Choice experiments
7.2 Contingent ranking
7.3 Contingent rating
7.4 Paired comparison
8. Validity and reliability
8.1 Preferences, values and validity
8.2 Responses to survey questions: some basic issues
8.3 Value types and their consistency
8.4 Overview of the validity problem and types of validity testing
8.5 Content validity
8.6 Construct validity
8.7 Reliability
8.8 Summary of factors relevant to determining validity and reliability
9. Aggregation
9.1 Conditions for valid aggregation
9.2 Aggregation approaches
10. Reporting
10.1 Objectives
10.2 Methodology
10.3 Literature review
10.4 Population and sampling strategy
10.5 Questionnaire design and implementation
10.6 Results
10.7 Validity testing
10.8 Aggregation and implications
10.9 Annexes
PART III. FURTHER ISSUES
11. Combining revealed and stated preference techniques
11.1 Why combine revealed and stated preference data
11.2 Random utility models combining stated and revealed preference data
11.3 Contingent behavior panel data models of price changes
11.4 Contingent behaviour models of environmental quality changes
11.5 Conclusions
12. Cautions, caveats and future directions
12.1 The standard neo-classical model of preferences
12.2 Elicitation and response mode effects
12.3 The disparity between WTP and WTA
12.4 Scope, embedding and sequence effects
12.5 ‘Other-regarding’ issues: altruism and reciprocity
12.6 Conclusions
Bibliography
Glossary
Index
This book is available from
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