What Do Respondents Bring to Contingent Valuation? A Comparison of Monetary and Labor Payment Vehicles
Godwin Kofi Vondolia (),
Håkan Eggert (),
Stale Navrud () and
RFF Working Paper Series from Resources for the Future
With contingent valuation, both the goods being valued and the payment vehicles used to value them are mostly hypothetical. However, although numerous studies have examined the impact of experience with the good on willingness to pay, less attention has been given to experience with payment vehicles. This paper examines how this influences responses to a contingent valuation scenario of maintenance for irrigation canals. Specifically, the paper uses a split-sample survey to investigate the effects of experience with monetary and labor payment vehicles on the acceptance of a contingent valuation scenario and protest bids. Using convergent validity tests, we found that experience acquired from using both monetary and labor payment vehicles reduces the asymmetries in acceptance rates. These findings suggest that experience with payment vehicles reduces time/money response asymmetries in the contingent valuation method.
Keywords: contingent valuation; payment vehicles; numÃ©raires; experience (search for similar items in EconPapers)
JEL-codes: Q51 Q56 (search for similar items in EconPapers)
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Journal Article: What do respondents bring to contingent valuation? A comparison of monetary and labour payment vehicles (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:rff:dpaper:dp-11-13-efd
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