Adopting Shapley values to address embedding biases in contingent valuation studies

Roland K. Cheo

Applied Economics Letters, 2007, vol. 14, issue 10, 765-768

Abstract: A variation of the contingent valuation model is used to determine the value of a special education school in Singapore. Shapley values have long been used in game theory in determining value in n-tuple games. An extension of the Shapley value is used in this exercise to show how it may be effective in removing the embedding effect in survey responses with respondents well-acquainted with the service under evaluation in order to determine option and use values for a specialist audience. A case study using a special school in Singapore is used for illustrative purpose in the following sections, but should not detract from the main thrust of the article.

Date: 2007
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DOI: 10.1080/13504850600592622

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