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Rationality concepts in environmental valuation

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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.

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Detail Information

Series Title

Hohenheimer volkswirtschaftliche Schriften, Bd. 58

Call Number

333.72 FRO r

Publisher

Bern : Peter Lang., 2018

Collation

xvi, 239 p. : ill. ; 21 cm.

Language

English

ISBN/ISSN

9783631573365

Classification

333.72

Content Type

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Media Type

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Edition

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Subject(s)

Environmental economics
Environmental protection

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