A pilot test of a new stated preference valuation method: Continuous attribute-based stated choice

Richard C Ready, Ann Fisher, Dennis Guignet, Richard Stedman, Junchao Wang

Research output: Contribution to journalArticle

8 Citations (Scopus)

Abstract

A new stated preference nonmarket valuation technique is developed. In an interactive computerized survey, respondents move continuous sliders to vary levels of environmental attributes. The total cost of the combination of attributes is calculated according to a preprogrammed cost function, continuously updated and displayed as respondents move the sliders. Each registered choice reveals the respondent's marginal willingness to pay for each of the attributes. The method is tested in a museum exhibit on global climate change. Two construct validity tests were conducted. Responses are sensitive to the shape of the cost function in ways that are consistent with expectations based on economic theory. Implied marginal willingness to pay values were similar to those estimated using a more traditional paired comparisons stated choice format. However, responses showed range effects that indicate potential cognitive biases.

Original languageEnglish (US)
Pages (from-to)247-255
Number of pages9
JournalEcological Economics
Volume59
Issue number3
DOIs
StatePublished - Sep 20 2006

Fingerprint

valuation
willingness to pay
cost
economic theory
museum
global climate
climate change
attribute
method
test
Valuation methods
Stated preference
Stated choice
Willingness-to-pay
Cost function

All Science Journal Classification (ASJC) codes

  • Environmental Science(all)
  • Economics and Econometrics

Cite this

Ready, Richard C ; Fisher, Ann ; Guignet, Dennis ; Stedman, Richard ; Wang, Junchao. / A pilot test of a new stated preference valuation method : Continuous attribute-based stated choice. In: Ecological Economics. 2006 ; Vol. 59, No. 3. pp. 247-255.
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A pilot test of a new stated preference valuation method : Continuous attribute-based stated choice. / Ready, Richard C; Fisher, Ann; Guignet, Dennis; Stedman, Richard; Wang, Junchao.

In: Ecological Economics, Vol. 59, No. 3, 20.09.2006, p. 247-255.

Research output: Contribution to journalArticle

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