CVM-X: Calibrating Contingent Values with Experimental Auction Markets

John A. Fox, Jason Shogren (), Dermot Hayes () and James B. Kliebenstein

Staff General Research Papers from Iowa State University, Department of Economics

Abstract: We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55- 0.59), suggesting that calibration may be commodity specific.

Date: 1999-02-23
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Published in American Journal of Agricultural Economics, August 1998, Vol. 80, No. 3, pp. 455-465.

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Working Paper: CVM-X: Calibrating Contingent Values with Experimental Auction Markets (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:isu:genres:1311

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