@article{Johnston:165843,
      recid = {165843},
      author = {Johnston, Marie},
      title = {Contingent Valuation: A Comparison of Referendum and  Voluntary Contribution Mechanisms},
      address = {2014},
      number = {425-2016-27155},
      pages = {33},
      year = {2014},
      abstract = {Contingent valuation methods (CVM) are integral in  valuating non-market environmental issues. Numerous  mechanisms have been proposed and analysed, as well as  numerous studies on willingness to pay (WTP) and  willingness to accept (WTA) discrepancies. Despite the  concentrated and persistent focus on achieving efficient  mechanisms, controversies and limitations remain. This  paper applies an open-ended approach to the referendum  (majority voting) method for contingent valuation as  advised by Green et al. (1998). This is undertaken via  economic experiments with induced values, and by comparison  of two novel majority voting mechanisms and one widely  accredited voluntary contribution mechanism. The  preliminary findings show the majority voting mechanism  induce more incentive compatible values and reduce WTP WTA  discrepancy compared to the voluntary contribution method.  Thus, given promising results, this paper recommends  further investigation into the novel open-ended referendum  method, termed the undisclosed cost voting mechanism  (UCVM).},
      url = {http://ageconsearch.umn.edu/record/165843},
      doi = {https://doi.org/10.22004/ag.econ.165843},
}