Specification Bias in Contingent Valuation from Omission of Relative Price Variables
نویسندگان
چکیده
منابع مشابه
Contingent Valuation, Hypothetical Bias and Experimental Economics
Although the contingent valuation method has been widely used to value a diverse array of nonmarket environmental and natural resource commodities, recent empirical evidence suggests that it may not accurately estimate real economic values. The hypothetical nature of environmental valuation surveys typically results in responses that are significantly greater than actual payments. Economists ha...
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We document that within industry relative valuations implicit in analyst target prices do provide investors with valuable information although the implied absolute valuations themselves are much less informative. Importantly, our findings are not merely a small stock phenomenon but apply to the sample of S&P 500 stocks and do not rely on trading at the exact time of announcement. Using a large ...
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ژورنال
عنوان ژورنال: Southern Economic Journal
سال: 1994
ISSN: 0038-4038
DOI: 10.2307/1060436