This manual offers a detailed, contemporary explanation of how to carry out economic valuation using stated preference techniques. It is relavent for the application of these techniques to all non-market goods and services including air and water quality and provision of public open space.

This manual offers a detailed, contemporary explanation of how to carry out economic valuation using stated preference techniques. It is relavent for the application of these techniques to all non-market goods and services including air and water quality; provision of public open space; h ealth care that is not sold through private markets; risk reduction policies and investments not provided privately; provision of information as with the recorded heritage, the protection of cultural assets and so on. The resulting valuations can be used for a number of purposes including, but not limited to, demonstrating the importance of a good or service; cost-benefit analysis; setting priorities for environmental policy; design of economic instruments; green national/corporate accounting and natural resource damage assessment.

Part 1 The foundations of economic valuation: the uses of economic valuation
the nature of economic valuation and economic efficiency
economic valuation and other values
economic valuation when there are no markets
economic valuation and the demand curve
willingness to pay and willingness to accept
total economic value and aggregation
total economic value
aggregating across individuals - stakeholder analysis
aggregating across individuals - distributional adjustments
aggregation over time
stated preferences and public participation. Part 2 Commissioning a stated preference study: defining the context
is economic valuation necessary and credible?
what alternative and appropriate procedures are available?
how credible will the results be?
the cost of the study
"mixed" valuation and non-valuation approaches
choosing between economic valuation techniques
use and non-use values
attributes and total values
hard versus soft data
contexts where given techniques cannot be applied
other considerations
commissioning a valuation study - a checklist
social goals and CBA
the required level of accuracy
the issue of "standing"
issues with stated preference techniques
using expert advice
assessing the consultants
a typical workplan for a stated preference study. Part 3 Population, sample and survey mode: defining the target population
the need for and the importance of sampling
the sampling frame
choosing the sample
non-probabilistic design
probabilistic design
choosing the survey mode
choosing the sample size. Part 4 Designing a contingent valuation questionnaire: useful lessons from other disciplines
the stages of designing a CV questionnaire
what is the policy change being valued?
constructing the valuation scenario
eliciting monetary values
debriefing and follow-up questions
attitudes, opinions, knowledge and uses
demographics
questionnaire structure
pre-testing
the main survey. Part 5 Contingent valuation - analyzing the results: contingent valuation data sets
data on WTP
missing data on WTP
data on determinants of WTP
missing data on household characteristics
specification of the bid function
the theoretical model
the analyst's model -the utility difference approach
the analyst's model - the bid function approach
which are better - utility difference models or bid function models?
estimating mean and median WTP
models for testing the validity of WTP values
models for benefits transfer exercises
conclusions. Part 6 Designing a choice modelling questionnaire: what is choice modelling?
main CM approaches
choice experiments
contingent ranking
contingent rating
paired comparisons
common design stages
selection of attributes
assignment of levels
choice of experimental design
construction of choice sets
measurement of preferences
advantages and disadvantages of choice experiments relative to other economic valuation techniques
advantages
disadvantages
do choice modelling approaches solve a