Cognition, Communication, and Survey Measurement: Some Implications for Contingent Valuation Surveys

Abstract

Contingent valuation (CV) surveys provide a methodological approach for determining the value of non-marketed goods or services (see Mitchell & Carson, 1989, for a discussion of their theoretical and methodological rationale). In a nutshell, respondents are provided with a detailed description of the to-be-valued good or service and are asked to report what they would be willing to pay for it. The value inferred from their responses is contingent upon the nature of the constructed hypothetical market and the good or service described in the scenario, hence the term “contingent valuation”. CV surveys are primarily used to assess the passive use values of natural resources and their results are used in cost-benefit analysis and natural resource damage assessment. The first CV study has been published in 1963 and more than 1,400 studies have been documented since.