Project R-8266

Assessing the validity and reliability of innovative choice-based valuation methods (Research)

This research is situated in a field of economics that aims at assessing people's preferences and willingness to pay for goods that do not have a market value or are traded on poorly-functioning markets. For these assessments, discrete choice experiments (DCEs) are gaining attention. In DCEs people are invited to take a survey and asked to make repeated choices between several alternatives described by a number of features. Consequently, econometric models allow estimating the utility that each feature contributes to the overall utility of having the good. This information can consequently be translated into estimates for how much people are willing to pay for both the features the good is composed of, as well as the entire good. One contentious issue with regard to DCEs is the reliability and validity of their results. This project will lead to evidence on whether 3 innovative choice-based economic valuation methods, that were conceived to address issues of reliability and validity, can live up to their promise.

01 October 2017 - 30 September 2020