Review of Contingent Valuation of Environmental Goods: A Comprehensive Critique. Edited by Daniel McFadden and Kenneth Train (2017): An Update
John C. Whitehead
No 24-17, Working Papers from Department of Economics, Appalachian State University
Abstract: This paper updates the review of the 2017 BP-funded book critical of the contingent valuation method (McFadden and Train, 2017) that was published in the Australian Journal of Agricultural and Resource Economics (Whitehead, volume 64, number 2, pp. 710-713, 2018). In that review I noted that an expanded review, with summaries of each chapter, was available upon request. A few requests trickled in but I always responded that the expanded review was not quite ready to share. This was primarily due to a comment that I was writing on a chapter in the book and other on-going work that I wanted to include. That comment has been published and my retort to the reply was posted as a working paper in 2024. Therefore, it is high time to finish the extended review of the book. In this paper I include the original review and add two appendices. One appendix contains the short reviews of each chapter promised in 2018 and another is the 2021 proposal narrative for a forthcoming book that more fully responds to McFadden and Train (2017).
Date: 2024
