Constructing markets: environmental economics and the contingent valuation controversy

Spencer Banzhaf

MPRA Paper from University Library of Munich, Germany

Abstract: As economists took up the task of measuring the "demand" for environmental services not traded in markets, some chose to substituted survey-based methods known as contingent valuation (CV). Doing so, they could not help but find themselves in the uncomfortable position of self-evidently constructing their observations rather than merely observing them. Apparent anomalies between the constructs and the predictions for economic man led to a fierce debate over the merits of contingent valuation--a debate that hinged on the question of whether economic theory was being "applied" or "tested."

Keywords: Contingent Valuation; Stated Preference; History; Environmental Economics (search for similar items in EconPapers)
JEL-codes: B2 C9 D6 Q5 (search for similar items in EconPapers)
Date: 2016-10
New Economics Papers: this item is included in nep-env and nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://mpra.ub.uni-muenchen.de/101196/1/MPRA_paper_78814.pdf revised version (application/pdf)

Related works:
Journal Article: Constructing Markets: Environmental Economics and the Contingent Valuation Controversy (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:78814

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