WWRC 87-04
Measuring the value of a Public Good: An Empirical Comparison of Elicitation Procedures
Abstract
The practical problems associated with accurately measuring the value of a public
good in an applied setting are considered. We compare and contrast the values
obtained from hypothetical elicitation procedures with those obtained in a
marketplace. When hypothetical measurements are elicited in the field, buying-selling
discrepancies similar to those predicted by psychological models of behavior
are observed. These discrepancies decrease greatly when a market with
appropriate incentives for accurate relevation is used to elicit the value for the
public good.
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