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Duke Economics Working Paper #95-52
Do Contingent Valuation Estimates Pass a "Scope" Test?
A Meta Analysis
V. Kerry Smith
and
Laura Osborne
Abstract
This paper considers two tests proposed to judge the internal consistency
of contingent valuation estimates. Both tests are quite sensitive to the
maintained hypotheses required to derive fairly precise expectations for
the properties of WTP functions. This result suggests a different
approach may be needed in gauging the reliability of CV. This paper
describes an alternative approach that relies on a weight of
the evidence criterion and uses meta analysis to develop a systematic
appraisal of what are the economic values of changes in amenity resources.
The approach is illustrated for the case of estimating people's willingness
to pay for improving (or maintaining) visibility at the national parks.
Published in Journal of Environmental Economics and Management,
Vol. 31, No. 3, November 1996, pp. 287-301.