Scandinavian Working Papers in Economics
Working Papers in Economics,
University of Gothenburg, Department of Economics
No 508: What do respondents bring into contingent valuation? A comparison of monetary and labour payment vehicles
Godwin K. Vondolia ()
Additional contact information
Godwin K. Vondolia: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: Box 640, SE 40530 GÖTEBORG
Abstract: In the Contingent Valuation Method (CVM), both the goods being valued and the payment vehicles used to value them are mostly hypothetical. However, although numerous studies have examined the impact of experience with the good on the willingness to pay, less attention has been given to experience with the payment vehicles. This paper examines how experience with payment vehicles influences responses to a CV scenario on the maintenance of irrigation canals. Specifically, the paper uses a split-sample survey to investigate the effects of experience with monetary and labour payment vehicles on the acceptance of a CV scenario and protest bids. Using convergent validity tests, we found that experience acquired from using both monetary and labour payment vehicles reduces the asymmetries in acceptance rates. These findings suggest that experience with payment vehicles reduces time/money response asymmetries in the CVM.
Keywords: contingent valuation; payment vehicles; numéraires; experience
27 pages, June 15, 2011
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