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Inferred valuation versus conventional contingent valuation: A salinity intrusion case study
Tien Dung Khong1, Adam Loch2, Michael D Young2
1Centre for Global Food and Resources, University of Adelaide, South Australia, Australia; College of Economics, Can Tho University, Viet Nam.
Journal of Environmental Management
|May 15, 2019
Summary
Inferred valuation methods, used to assess farmers' willingness-to-pay for salinity mitigation in Vietnam, yielded lower estimates than conventional approaches. These findings suggest inferred valuation can reduce overestimations in stated preference values.
Area of Science:
- Environmental Economics
- Agricultural Economics
- Water Resource Management
Background:
- Stated preference validity is crucial due to potential biases like hypothetical bias.
- Inferred valuation approaches offer a method to identify and mitigate inflated willingness-to-pay values.
- Economic applications of inferred valuation are limited, with mixed evidence.
Purpose of the Study:
- To examine farmers' willingness-to-pay for salinity intrusion mitigation programs in Vietnam's Mekong River Delta.
- To compare conventional contingent valuation with inferred valuation approaches.
- To assess the effectiveness of inferred valuation in reducing inflated willingness-to-pay estimates.
Main Methods:
- Utilized both conventional contingent valuation and inferred valuation approaches.
- Surveyed farmers in the Mekong River Delta region regarding salinity intrusion mitigation.
- Analyzed willingness-to-pay data using established economic valuation techniques.
Main Results:
- Inferred valuation estimates were up to 31% lower than conventional contingent valuation estimates.
- On average, inferred valuation estimates were approximately 24% lower across surveyed groups.
- Commitment costs and provision point mechanism payment vehicles may influence valuation outcomes.
Conclusions:
- Inferred valuation approaches provide a valuable tool for obtaining more realistic willingness-to-pay estimates for environmental programs.
- Findings suggest potential for more accurate public policy development regarding salinity intrusion mitigation.
- Further research into inferred valuation mechanisms and their application in diverse economic contexts is warranted.
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