CONTINGENT VALUATION AND REVEALED PREFERENCE METHODOLOGIES - COMPARING THE ESTIMATES FOR QUASI-PUBLIC GOODS

A literature search provides 83 studies from which 616 comparisons of contingent valuation (CV) to revealed preference (RP) estimates are ma de. Summary statistics of the CV/RP ratios are provided for the comple te dataset, a 5 percent trimmed dataset, and a weighted dataset that g ives equal weight to each study rather than each CV/RP comparison. For the complete dataset, the sample mean CV/RP ratio is 0.89 with a 95 p ercent confidence interval [0.81-0.96] and a median of 0.75. For the t rimmed and weighted datasets, these summary statistics are (0.77; [0.7 4-0.81]; 0.75) and (0.92; [0.81-1.03]; 0.94), respectively. The Spearm an rank correlation coefficients between the CV and RP estimates for t he three datasets are 0.78, 0.88, and 0.92.