Prague Economic Papers 2010, 19(4):329-343 | DOI: 10.18267/j.pep.380

Contingent Valuation: Past, Present and Future

David Hoyos, Petr Mariel
Department of Applied Economics III, University of the Basque Country, Lehendakari Agirre 83, 48015 Bilbao, Spain (david.hoyos@ehu.es; petr.mariel@ehu.es).

This paper summarizes the long history of the contingent valuation method, stressing the important dates and events that influenced its economic applications. It reviews the economic theory of contingent valuation, highlights the related survey design, alludes to the econometrics methodology involved and discusses the validity and reliability of this method. In summary, this paper presents the state of the art of a method that has been applied in the economic valuation of natural resources for many decades.

Keywords: economic valuation, stated preference information
JEL classification: Q51

Published: January 1, 2010  Show citation

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Hoyos, D., & Mariel, P. (2010). Contingent Valuation: Past, Present and Future. Prague Economic Papers, 19(4), 329-343. doi: 10.18267/j.pep.380
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