Contingent Valuation: A View of the Conference and Associated Research
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The research presented at this conference will almost certainly set the stage for
contingent valuation (CV) research for the next several years. The topic is one that
must be taken seriously. The issues are deep and challenging. The broad focus of
the conference ranges from survey methodologies and the interpretations of survey
data, to the behavioral foundations of economics and the relevance of welfare
economics to matters of environmental policy and regulation. The researchers are
some of the most prominent in the world, with credentials that read like a "Who's
Who" of economics, law, and psychology. The conclusions drawn by the researchers
are strong and critical of CV methodology. Researchers such as these do not put
their scientific credentials on the line without substantial study and are, no doubt,
prepared to defend and elaborate on their results. In the pages that follow, I speculate
about the nature of the issues the conference has raised.
[1] Charles R. Plott,et al. Axiomatic Social Choice Theory: An Overview and Interpretation , 1976 .
[2] A. Sen,et al. Collective Choice and Social Welfare , 2017 .
[3] A. Tversky,et al. Contingent weighting in judgment and choice , 1988 .