Article

Non-Market Valuation: Stated Preference Methods

Fredrik Carlsson

in The Oxford Handbook of the Economics of Food Consumption and Policy

Published in print September 2011 | ISBN: 9780199569441
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199569441.013.0008

Series: Oxford Handbooks in Economics

 Non-Market Valuation: Stated Preference Methods

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  • Econometric and Statistical Methods and Methodology: General
  • Agricultural, Environmental, and Natural Resource Economics

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The purpose of this article is to give a detailed description of the steps involved in designing a choice experiment and analyzing the responses. It also discusses a number of behavioral aspects of stated preference surveys, with an emphasis on hypothetical bias. It briefly presents the underlying economic model that is used to analyze discrete choices. The main idea of a choice experiment is often to estimate the welfare effects of changes in attributes. The article discusses the three important parts of the design of a stated preference survey, namely, definition of attributes and attribute levels, experimental design, and survey context, behavioral aspects, and validity tests. This article discusses the incentive properties of different choice formats, then looks at the empirical evidence on hypothetical bias, and finally at methods for reducing hypothetical bias. It mentions the importance of social context where the decision maker is not one single individual.

Keywords: choice experiment; stated preference surveys; hypothetical bias; economic model; social context; behavioral aspects

Article.  16668 words. 

Subjects: Economics ; Econometric and Statistical Methods and Methodology: General ; Agricultural, Environmental, and Natural Resource Economics

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