Contingent valuation controversies: Philosophic debates about economic theory [An article from: Journal of Socio-Economics]

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Description:
Contingent valuation (CV) is a survey-based method designed for the valuation of public goods primarily developed by neo-classical economists. CV is controversial because it involves asking individuals directly about monetary valuation. Especially this is controversial for valuation of the mere existence of an amenity. From an evaluation of several CV controversies it is concluded that these primarily reflect an underlying debate about economic theory. Some economists, leaning towards a positivist view on science, conclude that CV is beyond the economics research programme. Even some critics of neo-classical economics dismiss CV on a positivist interpretation of economic theory. It is concluded that CV seems to conform to the theoretical core of economics, given a ''non-positivist'' interpretation of these axioms and assumptions.