1003264.pdf
Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents’ rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more...
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Peter Lang International Academic Publishers
2019
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oapen-20.500.12657-267812022-04-26T12:37:55Z Rationality Concepts in Environmental Valuation Frör, Oliver Bounded Rationality Concepts Contingent Valuation Contingent Valuation Method Enviromental Environmental Frör Rationality Umweltbilanz Valuation bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCA Economic theory & philosophy bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCN Environmental economics Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents’ rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more realistic view of rationality accounting for respondents’ limited capacities to process information. Based on cognitive psychology a technique to detect and analyze the bounds of rationality inherent in WTP statements is developed. Using an empirical example, the influence of bounded rationality on the validity of CVM results is analyzed. It is shown that individual differences in information processing play a major role. From these results recommendations for future survey design are developed. 2019-01-10 23:55 2020-01-15 14:23:09 2020-04-01T11:22:55Z 2020-04-01T11:22:55Z 2018 book 1003264 OCN: 1082958525 9783631755150 http://library.oapen.org/handle/20.500.12657/26781 eng Hohenheimer volkswirtschaftliche Schriften application/pdf n/a 1003264.pdf Peter Lang International Academic Publishers 10.3726/b14029 10.3726/b14029 e927e604-2954-4bf6-826b-d5ecb47c6555 9783631755150 58 255 Bern open access |
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English |
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Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents’ rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more realistic view of rationality accounting for respondents’ limited capacities to process information. Based on cognitive psychology a technique to detect and analyze the bounds of rationality inherent in WTP statements is developed. Using an empirical example, the influence of bounded rationality on the validity of CVM results is analyzed. It is shown that individual differences in information processing play a major role. From these results recommendations for future survey design are developed. |
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1003264.pdf |
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1003264.pdf |
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1003264.pdf |
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1003264.pdf |
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Peter Lang International Academic Publishers |
| publishDate |
2019 |
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1771297613359874048 |
