Abstract
Contingent-valuation studies comprise a process of information transfer. A researcher, through a survey instrument, conveys information about the item being valued and repondents, in turn, provide information about the value they place on this item. Considering contingent valuation from this perspective, nearly all of the research evaluating the validity of this valuation method is, in a general sense, focused on examining the effects of information structures on value estimates. A comparison of various questioning techniques represents such an examination (Boyle and Bishop 1988; Randall, Hoehn, and Tolley 1981; Smith, Desvousges, and Fisher 1986). On a more specific level, the selection of a payment vehicle also forms part of the information set and may affect statements of value (Greenley, Walsh, and Young 1982, 1985; Mitchell and Carson 1985). These examples suggest that the validity of estimated contingent values relies heavily on the information conveyed to survey respondents since varying information structures can affect the magnitude of estimated values.
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