Lexicographic preferences in contingent valuation: a theoretical framework with illustrations
M Rekola - Land Economics, 2003 - le.uwpress.org
Land Economics, 2003•le.uwpress.org
This paper considers some implications of L*-ordering, an incommensurable preference
model proposed in earlier CV literature. The structure and existence of inverse demand
functions is shown to be a function of three elements, the relationship between goods and
wants, WTA/WTP formats and the endowment of the good. In a many-to-many relationship
uncompensated and even compensated inverse demand functions may exist, whereas a
one-to-one relationship, implicitly assumed in earlier literature, does not necessarily …
model proposed in earlier CV literature. The structure and existence of inverse demand
functions is shown to be a function of three elements, the relationship between goods and
wants, WTA/WTP formats and the endowment of the good. In a many-to-many relationship
uncompensated and even compensated inverse demand functions may exist, whereas a
one-to-one relationship, implicitly assumed in earlier literature, does not necessarily …
This paper considers some implications of L*-ordering, an incommensurable preference model proposed in earlier CV literature. The structure and existence of inverse demand functions is shown to be a function of three elements, the relationship between goods and wants, WTA/WTP formats and the endowment of the good. In a many-to-many relationship uncompensated and even compensated inverse demand functions may exist, whereas a one-to-one relationship, implicitly assumed in earlier literature, does not necessarily produce either. An illustration is provided in support of the theoretical framework, especially the hypothesis that one-to-one relationship and high share of CV responses revealing lexicographic preferences are correlated. (JEL Q26)
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