Economic Valuation with Stated Preference Techniques: a Manual

Abstract

Part 1 The foundations of economic valuation: the uses of economic valuation the nature of economic valuation and economic efficiency economic valuation and other values economic valuation when there are no markets economic valuation and the demand curve willingness to pay and willingness to accept total economic value and aggregation total economic value aggregating across individuals - stakeholder analysis aggregating across individuals - distributional adjustments aggregation over time stated preferences and public participation. Part 2 Commissioning a stated preference study: defining the context is economic valuation necessary and credible? what alternative and appropriate procedures are available? how credible will the results be? the cost of the study mixed valuation and non-valuation approaches choosing between economic valuation techniques use and non-use values attributes and total values hard versus soft data contexts where given techniques cannot be applied other considerations commissioning a valuation study - a checklist social goals and CBA the required level of accuracy the issue of standing issues with stated preference techniques using expert advice assessing the consultants a typical workplan for a stated preference study. Part 3 Population, sample and survey mode: defining the target population the need for and the importance of sampling the sampling frame choosing the sample non-probabilistic design probabilistic design choosing the survey mode choosing the sample size. Part 4 Designing a contingent valuation questionnaire: useful lessons from other disciplines the stages of designing a CV questionnaire what is the policy change being valued? constructing the valuation scenario eliciting monetary values debriefing and follow-up questions attitudes, opinions, knowledge and uses demographics questionnaire structure pre-testing the main survey. Part 5 Contingent valuation - analyzing the results: contingent valuation data sets data on WTP missing data on WTP data on determinants of WTP missing data on household characteristics specification of the bid function the theoretical model the analyst's model -the utility difference approach the analyst's model - the bid function approach which are better - utility difference models or bid function models? estimating mean and median WTP models for testing the validity of WTP values models for benefits transfer exercises conclusions. Part 6 Designing a choice modelling questionnaire: what is choice modelling? main CM approaches choice experiments contingent ranking contingent rating paired comparisons common design stages selection of attributes assignment of levels choice of experimental design construction of choice sets measurement of preferences advantages and disadvantages of choice experiments relative to other economic valuation techniques advantages disadvantages do choice modelling approaches solve a

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