Environmental Valuation & Cost-Benefit News
Reliability of individual valuations of public and private goods: Choice consistency, response time, and preference refinement
05/14/08
10:40:42 pm, by damageva 
, 200 words, 90 views 
Categories: General, U.S., Academic Study/Journal Article, Contingent Valuation, Surveys,.., Environmental Economics / Ecological Economics, Costs and Benefits
Reliability of individual valuations of public and private goods: Choice consistency, response time, and preference refinement
Abstract: We examined the reliability of a large set of paired comparison value judgments involving public goods, private goods, and sums of money. As respondents progressed through a random sequence of paired choices they were each given, their response time decreased and they became more consistent, apparently fine-tuning their responses, suggesting that respondents tend to begin a hypothetical value exercise with relatively imprecise preferences and that experience in expressing preference helps reduce that imprecision. Reliability was greater for private than for public good choices, and greater for choices between a good and a monetary amount than for choices between two goods. However, the reliability for public good choices was only slightly lower than for the private goods.
Keywords: Valuation; Reliability; Public goods; Response time; Preference learning
by Thomas C. Brown 1, David Kingsley 2, George L. Peterson 1, Nicholas E. Flores 2, Andrea Clarke 3 and Andrej Birjulin 4
1. Rocky Mountain Research Station, U.S. Forest Service, 2150-A Centre Avenue, Fort Collins, Colorado 80526 USA
2. Department of Economics, University of Colorado, Boulder USA
3. Natural Resources Conservation Service, Washington, DC 20250 USA
4. OMNI Institute, Denver, CO 80203 USA
Journal of Public Economics via Elsevier Sales Direct www.SalesDirect.com
Volume 92, Issue 7; July, 2008; Pages 1595-1606
http://dx.doi.org/10.1016/j.jpubeco.2008.01.004
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