CVM-X: Calibrating contingent values with experimental auction markets

John Fox; Jason F. Shogren; Dermot J. Hayes; James B. Kliebenstein

doi:10.2307/1244548

CVM-X: Calibrating contingent values with experimental auction markets

John Fox
, Jason F. Shogren
, Dermot J. Hayes
, James B. Kliebenstein

Research output: Contribution to journal › Article › peer-review

Abstract

We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.

Original language	English (US)
Pages (from-to)	455-465
Number of pages	11
Journal	American Journal of Agricultural Economics
Volume	80
Issue number	3
DOIs	https://doi.org/10.2307/1244548
State	Published - Aug 1998
Externally published	Yes

Keywords

Auctions
CVM-X
Calibration
Irradiated meat
Valuation

ASJC Scopus subject areas

Agricultural and Biological Sciences (miscellaneous)
Economics and Econometrics

Online availability

10.2307/1244548

Library availability

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@article{3a05f268bb1149fbafbd6f35c30306c4,

title = "CVM-X: Calibrating contingent values with experimental auction markets",

abstract = "We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.",

keywords = "Auctions, CVM-X, Calibration, Irradiated meat, Valuation",

author = "John Fox and Shogren, \{Jason F.\} and Hayes, \{Dermot J.\} and Kliebenstein, \{James B.\}",

note = "This is contribution no. 95-470-J from the Kansas Agricultural Experiment Station. We acknowledge the financial support of the Food Safety Consortium and the National Science Foundation. Thanks to Bruce Babcock, Harold Baker, George Beran, Wayne Fuller, Toni Genalo, Glenn Harrison, Joe Herriges, Cathy Kling, Jordan Lin, John List, Dennis Olson, Tanya Roberts, Lisa Rutstr/3m, two reviewers, the editor, and seminar participants at the Economic Research Service (USDA), Harvard, Iowa State, Illinois, Joensuu, Penn State, Uppsala, and Ume\textasciitilde{} for their comments. 'NOAA subsequently revised this proposal. The final version eliminates the need to calculate compensable values (NOAA 1996). Instead, valuation methods such as CVM would be used to determine only the appropriate scale of restorative actions rather than a monetary damage figure.",

year = "1998",

month = aug,

doi = "10.2307/1244548",

language = "English (US)",

volume = "80",

pages = "455--465",

journal = "American Journal of Agricultural Economics",

issn = "0002-9092",

publisher = "John Wiley \& Sons, Ltd.",

number = "3",

}

TY - JOUR

T1 - CVM-X

T2 - Calibrating contingent values with experimental auction markets

AU - Fox, John

AU - Shogren, Jason F.

AU - Hayes, Dermot J.

AU - Kliebenstein, James B.

N1 - This is contribution no. 95-470-J from the Kansas Agricultural Experiment Station. We acknowledge the financial support of the Food Safety Consortium and the National Science Foundation. Thanks to Bruce Babcock, Harold Baker, George Beran, Wayne Fuller, Toni Genalo, Glenn Harrison, Joe Herriges, Cathy Kling, Jordan Lin, John List, Dennis Olson, Tanya Roberts, Lisa Rutstr/3m, two reviewers, the editor, and seminar participants at the Economic Research Service (USDA), Harvard, Iowa State, Illinois, Joensuu, Penn State, Uppsala, and Ume~ for their comments. 'NOAA subsequently revised this proposal. The final version eliminates the need to calculate compensable values (NOAA 1996). Instead, valuation methods such as CVM would be used to determine only the appropriate scale of restorative actions rather than a monetary damage figure.

PY - 1998/8

Y1 - 1998/8

N2 - We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.

AB - We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.

KW - Auctions

KW - CVM-X

KW - Calibration

KW - Irradiated meat

KW - Valuation

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UR - https://www.scopus.com/pages/publications/0000433672#tab=citedBy

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SN - 0002-9092

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SP - 455

EP - 465

JO - American Journal of Agricultural Economics

JF - American Journal of Agricultural Economics

IS - 3

ER -

CVM-X: Calibrating contingent values with experimental auction markets

Abstract

Keywords

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