How people respond to contingent valuation question: A verbal protocol analysis of willingness to pay for an environmental regulation

Journal Article · Sat Jan 01 04:00:00 EST 1994 · Journal of Environmental Economics and Management; (United States)

DOI:https://doi.org/10.1006/jeem.1994.1006· OSTI ID:7309298

Schkade, D A ^[1]; Payne, J W ^[2]

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1. Univ. of Texas, Austin (United States)
2. Duke Univ., Durham, NC (United States)

This paper investigates what a respondent is thinking when answering a willingness-to-pay question in a contingent valuation, using a [open quotes]think aloud[close quotes] technique for psychology called verbal protocol analysis. The willingness-to-pay responses we observed seem to be constructed from a variety of considerations, including an obligation to pay a fair share of the cost of the solution and signaling concern for a larger set of environmental issues. The finding that respondents seem to construct their values at the time they are asked, rather than reporting a more well-defined value, is seen as consistent with over two decades of research on the psychology of decision making. Potential uses of verbal protocols in contingent valuation studies are also discussed. 64 refs., 6 tabs.

• OSTI ID: 7309298
• Journal Information: Journal of Environmental Economics and Management; (United States), Journal Name: Journal of Environmental Economics and Management; (United States) Vol. 26:1; ISSN JEEMDI; ISSN 0095-0696
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290300 -- Energy Planning & Policy-- Environment
Health
& Safety
550100* -- Behavioral Biology
59 BASIC BIOLOGICAL SCIENCES
DECISION MAKING
ENVIRONMENTAL QUALITY
PSYCHOLOGY
PUBLIC OPINION