Some findings from further exploration of the â€œcomposite goodâ€ approach to contingent valuation
James Burrows and
Chapter 7 in Contingent Valuation of Environmental Goods, 2017, pp 188-223 from Edward Elgar Publishing
This chapter presents findings from a study exploring a variety of tactics intended to enhance respondent awareness of budget constraints in answering CV questions, including methods that value a composite good and allocate a total value across different parts of the composite.Â The research used, as a test bed, a prominent 1995Â survey concerning the prevention and remediation of marine oil spills off the central California coast (the â€œCOS studyâ€ ).Â Approximately 2400Â California households were surveyed online in 2014.Â Analysis of the responses to split-sample variants of the questionnaire produced the following conclusions: (1)Â the study evidenced a very marked lack of sensitivity to a huge scope difference (between the COS good and a much larger composite good); (2)Â the composite good estimate of WTP allocated to marine oil spills was markedly smaller than the single-focus estimate; (3)Â sizeable proportions of respondents reported various types of cognition difficulties in their responses, and the resulting WTP estimates are sensitive to those difficulties; (4)Â respondents presented a single-focus COS referendum after completing a budget allocation exercise were slightly less favorable to COS than those not given the budget exercise; (5)Â a sizeable proportion of respondents experienced cognition difficulties with part-whole relationships; and (6)Â within-questionnaire â€œwording additionsâ€ intended to enhance budget awareness had a relatively small effect on WTP estimates.
Keywords: Economics and Finance; Environment (search for similar items in EconPapers)
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