Journal Article

CVM-X: Calibrating Contingent Values with Experimental Auction Markets

John A. Fox, Jason F. Shogren, Dermot J. Hayes and James B. Kliebenstein

in American Journal of Agricultural Economics

Published on behalf of Agricultural and Applied Economics Association

Volume 80, issue 3, pages 455-465
Published in print August 1998 | ISSN: 0002-9092
Published online August 1998 | e-ISSN: 1467-8276 | DOI: http://dx.doi.org/10.2307/1244548
CVM-X: Calibrating Contingent Values with Experimental Auction Markets

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  • Manufacturing
  • Renewable Resources and Conservation
  • Agricultural Economics
  • Market Structure and Pricing

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We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67–0.69) are less severe than for those with an initial dislike of the process (0.55–0.59), suggesting that calibration may be commodity specific.

Keywords: auctions; calibration; CVM-X; irradiated meat; valuation; D440; L660; Q110; Q260

Journal Article.  0 words. 

Subjects: Manufacturing ; Renewable Resources and Conservation ; Agricultural Economics ; Market Structure and Pricing

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