Temporal Reliability of Estimates from Contingent Valuation

In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The panel recommended that "time dependent measurement noise should be reduce...

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Bibliographic Details
Published in:Land economics 1997-05, Vol.73 (2), p.151-163
Main Authors: Carson, Richard T., Hanemann, W. Michael, Kopp, Raymond J., Krosnick, Jon A., Mitchell, Robert C., Presser, Stanley, Rudd, Paul A., Smith, V. Kerry, Conaway, Michael, Martin, Kerry
Format: Article
Language:English
Subjects:
Analysis
Conservation of natural resources
Damage assessment
Economic models
Economic surveys
Economic value
Environmental impact
Estimate reliability
Estimation
Estimation methods
Interval estimators
Land economics
Mathematical independent variables
Natural resources
Oil spills
Prevention
Reliability
Statistical analysis
Studies
Surveys
Valuation
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Summary:In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The panel recommended that "time dependent measurement noise should be reduced by averaging across independently drawn samples taken at different points in time." In this paper we examine the temporal reliability of CV estimates. Our findings, using a CV instrument designed to measure willingness to pay for a program to protect Prince William Sound, Alaska, from future oil spills, exhibited no significant sensitivity to the timing of the interviews.
ISSN:0023-7639
1543-8325
DOI:10.2307/3147279