Stated Preference Valuation Methods: An Evolving Tool for Understanding Choices and Informing Policy

Nick Hanley and Mikolaj Czajkowski

Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: We examine the value of Stated Preference (SP) valuation methods as part of the environmental economist’s toolbox.We review a number of policy design issues where we believe SP methods have advantages over alternative approaches. We also discuss the role of SP methods in exploring aspects of peoples’ preferences and values which have wider implications for economics and behavioral sciences: (a) the effects of information, learning and knowledge; (b) testing the standard model of compensatory, rational choice; (c) the influence of behavioural levers such as social norms; and (d) the role of “deep” drivers of preference heterogeneity, such as personality and emotions. We also review what is known about the extent to which hypothetical choices reveal something about people’s true preferences. Finally, we speculate on some areas where SP methods may be useful in the future.

Keywords: stated preferences; non-market valuation; environmental economics methods; information; choice; social norms; preference heterogeneity (search for similar items in EconPapers)
JEL-codes: D6 H4 Q51 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2017-01
New Economics Papers: this item is included in nep-dcm and nep-env
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Citations: View citations in EconPapers (12)

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Working Paper: Stated Preference valuation methods: an evolving tool for understanding choices and informing policy (2017)
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