Rationality Concepts in Environmental Valuation
by
Oliver Froer
Book Details
Format
Paperback / Softback
Book Series
Hohenheimer Volkswirtschaftliche Schriften
ISBN-10
3631573367
ISBN-13
9783631573365
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Oct 26th, 2007
Print length
255 Pages
Weight
352 grams
Dimensions
15.00 x 21.00 x 1.60 cms
Ksh 11,600.00
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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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