Rationality Concepts in Environmental Valuation
©2008
Thesis
XVI,
244 Pages
Open Access
Series:
Hohenheimer volkswirtschaftliche Schriften, Volume 58
Summary
Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents’ rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more realistic view of rationality accounting for respondents’ limited capacities to process information. Based on cognitive psychology a technique to detect and analyze the bounds of rationality inherent in WTP statements is developed. Using an empirical example, the influence of bounded rationality on the validity of CVM results is analyzed. It is shown that individual differences in information processing play a major role. From these results recommendations for future survey design are developed.
Details
- Pages
- XVI, 244
- Publication Year
- 2008
- ISBN (PDF)
- 9783631755150
- ISBN (Softcover)
- 9783631573365
- DOI
- 10.3726/b14029
- Open Access
- CC-BY
- Language
- English
- Publication date
- 2018 (September)
- Keywords
- Bounded Rationality Contingent Valuation Umweltbilanz Contingent Valuation Method
- Published
- Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2007. XVI, 244 pp.
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