Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures

Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures

The practical problems associated with accurately measuring the value of a public good in an applied setting are considered. We compare and contrast the values obtained from hypothetical elicitation procedures with those obtained in a marketplace. When hypothetical measurements are elicited in the f...

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Veröffentlicht in:The American economic review 1987-09, Vol.77 (4), p.554-566
Hauptverfasser: Brookshire, David S., Coursey, Don L.
Format: Artikel
Sprache:eng
Schlagworte:
Auctions
Behavior
Bidding
Economic models
Economic theory
Economic value
Economics
Endowments
Experimentation
Income effect
Prices
Public good
Public goods
Recreation
Social research
Statistical analysis
Statistical median
Studies
Valuation
Value
Variable coefficients
Welfare economics
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Zusammenfassung:The practical problems associated with accurately measuring the value of a public good in an applied setting are considered. We compare and contrast the values obtained from hypothetical elicitation procedures with those obtained in a marketplace. When hypothetical measurements are elicited in the field, buying-selling discrepancies similar to those predicted by psychological models of behavior are observed. These discrepancies decrease greatly when a market with appropriate incentives for accurate relevation is used to elicit the value for the public good.
ISSN:0002-8282
1944-7981