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1 results

  • 9 - Constructing Markets

  • H. Spencer Banzhaf, North Carolina State University
  • Book:
    Pricing the Priceless
    Published online:
    19 October 2023
    Print publication:
    02 November 2023, pp 200-223

  • Summary

    As economists took up the task of measuring the demand for environmental services not traded in markets, some chose to substituted survey-based methods known as contingent valuation (CV). Doing so, they could not help but find themselves in the uncomfortable position of self-evidently constructing their observations rather than merely observing them. Apparent anomalies between the constructs and the predictions for economic man led to a fierce debate over the merits of contingent valuation--a debate that hinged on the question of whether economic theory was being applied or tested.