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    Rationality Concepts in Environmental Valuation

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    Author(s)
    Frör, Oliver
    Language
    English
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    Abstract
    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.
    URI
    http://library.oapen.org/handle/20.500.12657/26781
    Keywords
    Bounded Rationality; Concepts; Contingent Valuation; Contingent Valuation Method; Enviromental; Environmental; Frör; Rationality; Umweltbilanz; Valuation
    DOI
    10.3726/b14029
    ISBN
    9783631755150
    OCN
    1082958525
    Publisher
    Peter Lang International Academic Publishers
    Publisher website
    https://www.peterlang.com/
    Publication date and place
    Bern, 2018
    Series
    Hohenheimer volkswirtschaftliche Schriften, 58
    Classification
    Economic theory and philosophy
    Environmental economics
    Pages
    255
    Rights
    https://creativecommons.org/licenses/by/4.0/legalcode
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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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