List of figures | p. ix |
List of tables | p. xi |
List of boxes | p. xiii |
The authors | p. xv |
List of acronyms | p. xvii |
Foreword | p. xix |
Introduction | p. 1 |
Purpose of this manual | p. 1 |
Justification for assigning economic values to non-market effects | p. 2 |
A guide to the manual | p. 6 |
Concepts | |
The foundations of economic valuation | p. 13 |
The uses of economic valuation | p. 13 |
The nature of economic valuation and economic efficiency | p. 16 |
Economic valuation and other values | p. 18 |
Economic valuation when there are no markets | p. 20 |
Economic valuation and the demand curve | p. 22 |
Willingness to pay and willingness to accept | p. 24 |
Total economic value and aggregation | p. 28 |
Stated preferences and public participation | p. 38 |
Benefits transfer and stated preference techniques | p. 42 |
Use of stated preference in UK environmental policy: the case of the aggregates levy | p. 52 |
Discounting | p. 55 |
Commissioning a stated preference study | p. 61 |
Defining the context | p. 62 |
Is economic valuation necessary and credible? | p. 65 |
Choosing between economic valuation techniques | p. 74 |
Commissioning a valuation study: a checklist | p. 78 |
A typical workplan for a stated preference study | p. 84 |
Stated Preference Techniques | |
Population, sample and survey mode | p. 89 |
Defining the target population | p. 89 |
The need for and the importance of sampling | p. 93 |
The sampling frame | p. 94 |
Choosing the sample | p. 96 |
Choosing the survey mode | p. 101 |
Choosing the sample size | p. 107 |
Designing a contingent valuation questionnaire | p. 112 |
Useful lessons from other disciplines | p. 113 |
The stages of designing a contingent valuation questionnaire | p. 116 |
Pre-testing | p. 151 |
The main survey | p. 156 |
Writing survey questions | p. 157 |
Analysis of contingent valuation data | p. 173 |
Contingent valuation data sets | p. 174 |
Specification of the bid function | p. 182 |
Estimating mean and median WTP | p. 191 |
Models for testing the validity of WTP values | p. 195 |
Models for benefits transfer exercises | p. 196 |
Conclusions | p. 197 |
Econometric estimation of the bid function | p. 199 |
Estimating mean and median WTP | p. 224 |
Designing a choice modelling questionnaire | p. 248 |
What is choice modelling? | p. 249 |
Main choice modelling approaches | p. 250 |
Common design stages | p. 258 |
Advantages and disadvantages of choice modelling relative to other economic valuation techniques | p. 269 |
Analysis of choice modelling data | p. 277 |
Choice experiments | p. 278 |
Contingent ranking | p. 289 |
Contingent rating | p. 290 |
Paired comparison | p. 294 |
Validity and reliability | p. 296 |
Preferences, values and validity | p. 297 |
Responses to survey questions: some basic issues | p. 298 |
Value types and their consistency with economic theory | p. 300 |
Overview of the validity problem and types of validity testing | p. 304 |
Content validity | p. 305 |
Construct validity | p. 313 |
Reliability | p. 334 |
Summary of factors relevant to determining validity and reliability | p. 336 |
Aggregation | p. 343 |
Conditions for valid aggregation | p. 344 |
Aggregation approaches | p. 347 |
Reporting | p. 359 |
Objectives | p. 359 |
Methodology | p. 360 |
Literature review | p. 360 |
Population and sampling strategy | p. 360 |
Questionnaire design and implementation | p. 361 |
Results | p. 362 |
Validity testing | p. 363 |
Aggregation and implications | p. 363 |
Annexes | p. 364 |
Further Issues | |
Combining revealed and stated preference techniques | p. 367 |
Why combine revealed and stated preference techniques | p. 367 |
Random utility models combining stated preference and revealed preference data | p. 368 |
Contingent behaviour panel data models of price changes | p. 369 |
Contingent behaviour models of environmental quality changes | p. 371 |
Conclusions | p. 374 |
Random utility models combining stated preference and revealed preference data | p. 376 |
Cautions, caveats and future directions | p. 378 |
The standard neo-classical model of preferences | p. 378 |
Elicitation and response mode effects | p. 380 |
The disparity between WTP and WTA | p. 385 |
Scope, embedding and sequencing effects | p. 392 |
'Other-regarding' issues: altruism and reciprocity | p. 398 |
Conclusions | p. 402 |
Bibliography | p. 405 |
Glossary | p. 434 |
Index | p. 445 |
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