Temporal Reliability of Estimates From Contingent Valuation

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Date

May 1, 1997

Authors

Richard T. Carson, W. Michael Hanemann, Raymond J. Kopp, Jon A. Krosnick, Robert C. Mitchell, Stanley Presser, Paul A. Ruud, V. Kerry Smith, Michael Conaway, and Kerry Martin

Publication

Journal Article in Land Economics

Reading time

1 minute

Abstract

In 1992, the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The panel recommended that “time dependent measurement noise should be reduced by averaging across independently drawn samples taken at different points in time.” In this paper, we examine the temporal reliability of CV estimates. Our findings, using a CV instrument designed to measure willingness to pay for a program to protect Prince William Sound, Alaska, from future oil spills, exhibited no significant sensitivity to the timing of the interviews.

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Authors

Richard T. Carson

W. Michael Hanemann

University Fellow

W. Michael Hanemann is a university fellow at RFF. He is currently a Chancellor's professor and professor of environmental and resource economics in the Department of Agricultural and Resources Economics.

Raymond J. Kopp

Senior Fellow

Raymond J. Kopp is a senior fellow at RFF. During his career Kopp has specialized in the analysis of environmental and natural resource issues with a focus on Federal regulatory activity.

Jon A. Krosnick

University Fellow

Jon A. Krosnick is an RFF university fellow and Stanford University-based social psychologist who does research on attitude formation, change, and effects, on the psychology of political behavior, and on survey research methods.

Robert C. Mitchell

Stanley Presser

Paul A. Ruud

V. Kerry Smith

University Fellow

Kerry Smith is a university fellow at RFF where he researches environmental policy issues.

Michael Conaway

Kerry Martin

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