Hidden Bibliographic Details
| ISBN: | 9783631755150
3631755155
9783631573365
3631573367
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| Notes: | Originally presented as the author's thesis (doctoral)--University of Hohenheim, 2007.
Includes bibliographical references (pages 191-209).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2014.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
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Print version record.
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| Summary: | Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents' rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more realistic view of rationality accounting for respondents' limited capacities to process information. Based on cognitive psychology a technique to detect and analyze the bounds of rationality inherent in WTP statements is developed. Using an empirical example, the influence of bounded rationality on the validity of CVM results is analyzed. It is shown that individual differences in information processing play a major role. From these results recommendations for future survey design are developed.
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| Other form: | Print version: Frör, Oliver. Rationality concepts in environmental valuation. Frankfurt am Main ; New York : Peter Lang, 2007
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