Article1994

Substitution Effects in CVM Values

Ronald G. Cummings · Philip T. Ganderton · Thomas McGuckin

84 citations0/0 files storedAmerican Journal of Agricultural Economics

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Economic and Environmental Valuation Decision-Making and Behavioral Economics Socioeconomics of Resources and Conservation

Abstract

Abstract There is increasing recognition that statistical estimates of the average willingness to pay for environmental programs may be biased by the failure of respondents, or of the statistical methodology, to consider the effect of substitute programs and goods. We design and implement a CVM survey that estimates the impact of substitution effects on the willingness to pay for an environmental program. We find a statistically significant impact and suggest that the set of potential substitutes is very large.

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1982Mail and Telephone Surveys: The Total Design Method.1992Valuing public goods: The purchase of moral satisfaction 1943The Interpretation of Voting in the Allocation of Economic Resources 1994Hypothetical Surveys and Real Economic Commitments 1993Measuring Natural Resource Damages with Contingent Valuation: Tests of Validity and Reliability 1991Valuing the Multidimensional Impacts of Environmental Policy: Theory and Methods 1987Overlooked Biases in Contingent Valuation Surveys: Some Considerations

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