Validity of WTP measures under preference uncertainty
- Publisher: Kiel Institute for the World Economy (IfW) Kiel
contingent valuation | willingness to pay | valuation uncertainty | willingness-to-pay range | open-ended elicitation | reliability | validity | preference uncertainty
This paper establishes a new method for eliciting Willingness to Pay (WTP) in contingent valuation (CV) studies with an open-ended elicitation format: the Range-WTP method. In contrast to the traditional approach for eliciting Point-WTP, Range-WTP explicitly allows for ...