Work

When is some number really better than no number? On the optimal choice between non-market valuation methods

Year: 2007

Type: report

Abstract: Decision-makers have a wide variety of competing and complementary\nmethods for non-market valuation, but there is little formal advice on the\nchoice of method. I offer a formal approach, using a loss function (the\nmean square error) to compare contingent valuation, Citizens'Jury and\nmethods where by intention only a portion of total value is estimated,\nwhen a) preferences vary across the population and b) methods are more\nor less susceptible to framing effects. Illustrative simulations suggest con-ditions under which the Citizens'Jury may dominate contingent valuation\nwhen framing effects are significant.

Source: Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)

Author: Alistair Munro

Language: English

Topic: Economic and Environmental Valuation

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2102216716

Cites: 64

Cited by: 1

Related to: 10