EEP 101/ECON 125
April 26, 2021
James Sallee (EEP 101/ECON 125) Contingent Valuation April 26, 2021 1 / 26
Recap of Lecture 37
1 What are stated preferences?
– Revealed preferences involve situations where people make
choices that have actual consequences (e.g., they pay for
something), whereas stated preferences ask people how they
would make hypothetical choices, but there are no actual
2 A brief taxonomy of values
3 What can go wrong with stated preferences?
– People have little incentive to be truthful and accurate in stated
preference surveys, which gives rise to several possible biases
James Sallee (EEP 101/ECON 125) Contingent Valuation April 26, 2021 2 / 26
The need for stated preferences
Economists have a strong preference for revealed preference
They trust what people do, not what people say
But sometimes revealed preference methods are not available,
are not reliable, or are too expensive
This is particularly likely for nonuse values, which are harder to
measure with revealed preference
Then we consider using stated preferences, including a
technique called contingent valuation
James Sallee (EEP 101/ECON 125) Contingent Valuation April 26, 2021 3 / 26
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