How can we correct for contingent valuation bias? A case study of the Macau Orchestra
Thea Vinnicombe and
Joey Pek U Sou
Economic Affairs, 2019, vol. 39, issue 3, 346-362
The long‐standing contingent valuation method (CVM) is one of the most controversial techniques in economics. But it still remains the main means of assisting policymakers in understanding the preferences of ordinary citizens in valuing a range of non‐market goods believed to have positive external benefits. In the absence of viable alternatives, it is necessary that this method continues to be refined. This is especially important as CVM is increasingly being applied outside the area of environmental economics and outside the Western socio‐political context where theoretical advances have previously been made. This article examines three sources of bias in CVM in the context of valuing cultural goods: information, mixed good, and payment vehicle bias. A small case study of a publicly funded orchestra in an Asian city, the Macau Orchestra, is used to provide a preliminary exploration of the issues discussed.
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