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The contingent valuation technique has been significantly refined as a method of obtaining values of goods and services in situations where market transactions are absent and now finds widespread application in the valuation of the environment, and in valuing the preservation of animal species. Applies the technique to the valuation of more conventional government services, namely the provision by the government of a range of agricultural protection services. The empirical analysis is based on contingent valuation surveys administered to a sample of Western Australian farmers.

This article surveys available research on the contingent‐claims approach to risky debt valuation. The author describes both the structural and reduced form versions of contingent claims models and summarizes both the theoretical and empirical research in this area. Relative to the progress made in the theory of risky debt valuation, empirical validation of these models lags far behind. This survey highlights the increasing gap between the theoretical valuation and the empirical understanding of risky debt.

The purpose of this paper is to present a review of selected applications of contingent claims analysis in corporate finance. Contingent claims analysis is an approach to valuing payoffs which are contingent on other uncertain payoffs. The essential logic of the different applications reviewed is that we can value these derivative payoffs by replicating them with assets, whose prices are known. This simple logic is capable of providing one with insights into the pricing of new types of financial assets (e.g. optional bonds) as well as providing new insights into the valuation of strategic corporate investments.

The purpose of this paper is to evaluate the practices for valuation for compensation purposes in Kenya.

A qualitative survey design was used to sample the registered valuers using questionnaire/telephone interviews, in addition to review of some policy and legal documents. Content analysis and descriptive statistics was used to analyse the data.

The study revealed that the most ignored asset losses in valuation for compensation purposes in Kenya are assets of persons without legally recognizable rights, common property resources and social capital, among others, due to the existing legal provisions. Additionally, valuers often fail to apply the appropriate valuation concepts and methods.

The findings of the study are specific to Kenya since valuations for compensation purposes are statutory in nature and hence the applicable legal frameworks are unique to a specific country, although professionalism issues cut across.

The study may help professional valuers to update their knowledge and apply the right valuation concepts and methods, and also help policymakers to review their policies appropriately to match the best practices.

The findings of the study, if implemented, are likely to enhance acceptability of compensation amounts hence improving the working relationships between the public project implementers and the project affected persons, to the benefit of the both parties.

The study is of value to professional valuers, policymakers and land acquiring agencies to be more vigilant and professional in the process of acquiring interests in land.

This paper is devoted to urban land zoning for taxation purposes in advance of the establishment of a land market. It typifies most urban areas in Ukraine, a country in transition to a market economy. The assessed values in Ukraine do not reflect market values, as the land market is immature. The disadvantages of the current assessment system are described. The reasons why the usual Western valuation methods cannot be applied are also discussed. A proposal is presented here for a new approach to the analysis of land values and real estate markets. For this purpose, three groups of methods are described and evaluated. In the proposed structure of assessment zoning, several possible approaches to zones formation are foreseen. While the paper proposes methods that could be used, these are not backed up with empirical data. The implementation of the proposed approach is the subject for future research.

This study, using a contingent valuation approach, aims to shed light on the economic evaluation of online learning during the first wave of the pandemic.

A sample of 959 higher education students was asked about their willingness-to-accept (WTA) a monetary compensation for the loss of well-being resulting from the unexpected and mandatory transition to the online space. In explaining WTA determinants, the authors test the appropriateness of the double-hurdle model against the alternative of a Tobit model and find that the factors affecting the participation decision are not the same as those that affect the quantity decision.

Results show that a vast majority of the respondents think that the abrupt transition to online learning is detrimental to them, while those willing to accept a monetary compensation account for 77% of the sample, being the mean WTA between €448 and €595. As expected, WTA decreases with income and age, and it increases if some member of the family unit is unemployed. By aggregating the mean WTA by the population affected, total loss of well-being is obtained.

To the best of the authors’ knowledge, to date, this method has not been used to value online learning in a WTA framework, much less in the particular context of the pandemic. Thus, based on the understanding that the economic evaluation of online learning could be very useful in providing guidance for decision-making, this paper contributes to the literature on the economic evaluation of higher education.

The purpose of this paper is to examine the practice potential of self-administered drop-off as a survey mode for contingent valuation (CV) studies.

This paper conducts an empirical comparison of mode effects of two survey methods for improved ecological services in Beijing. Data were collected from a CV survey, which has two subsamples, one using face-to-face interviews and the other employing self-administered drop-off surveys.

There is some evidence of social desirability bias in the face-to-face interviews for the participation question; however, such effects do not carry over to subjects’ responses to the contribution decision. No difference is observed in sample demographics between modes. And satisficing effect is not observed in the drop-off survey in this study.

More well-controlled mode comparisons are warranted to test the robustness of the results; and collection time effects as well as the use of drop-off surveys for environmental valuation with different levels of complexity and familiarity are worthy of further study.

The authors find more similarities between drop-off and face-to-face surveys than differences therefore support the practice of self-administered drop-off surveys in CVM for environmental valuation.

This paper adds to the limited number of well-controlled mode comparisons in the CV surveys, and contributes to a better understanding of self-administered drop-off surveys, a potential low-cost alternative to face-to-face interviews in future CV applications.

The purpose of this paper is to examine drivers’ willingness-to-pay (WTP) tolls using data from a survey of drivers in the Hampton Roads region of Southeastern Virginia. The theory of planned behavior is applied to understand the different factors contributing to WTP tolls. The study measures different dimensions of WTP, offers a two-stage approach that aligns correlates of WTP tolls in logical sequence, and assesses the role of price information (toll rates) as an anchor heuristic in WTP.

Three WTP measures are elicited via contingent valuation method using three survey questions that incorporate different price information. The study tests the role of price information as an anchor heuristic. WTP is analyzed using a two-stage decision process. Drivers first decide whether, in-principle, to support tolls, followed by the amount they are willing to pay (maximum and peak amounts). Three regression models are run to test the impact of ability to pay on amount WTP, impact of in-principle WTP on maximum WTP, and impact of maximum WTP on peak WTP given an anchor toll rate.

Attitudes supportive of tolls and the ability to pay are predictors of in-principle WTP, while in-principle WTP predicts amount (maximum and peak) WTP. Price information, as an anchor heuristic, reduces variability in amount WTP and conditions the amounts WTP.

The value and originality of this study lie in the application of the theory of planned behavior to study WTP tolls, the use of contingent valuation, and the effect of anchor heuristics.

Negative effects of crime encompass several different dimensions. As a result, there is no existing methodology capable of dealing with all the relevant issues simultaneously and the interpretation of the estimates currently available lacks theoretical foundation. The purpose of this paper is to provide a unified view of the meaning and relationship between the various dimensions of the welfare cost of crime and violence available in the literature.

The paper develops a theoretical model of crime and illustrates the different interpretations of welfare costs of crime and violence within this unified framework. This theoretical benchmark is then used as a benchmark to review the empirical literature on the topic.

The analysis suggests that the most commonly estimated dimension of the welfare cost of crime − related to the total loss associated with crime − although relevant as an illustrative tool, is not very useful from a policy perspective. The literature should therefore move closer to the idea of estimating marginal costs and benefits in order to become policy relevant.

Policy-oriented research related to optimal law enforcement should move in the direction of estimating the marginal willingness to pay of individuals for reductions in crime. This should be compared to the marginal cost of alternative policies in order to guide public policy in the area.

This survey rationalizes in economic terms the estimates from the existing methodologies, highlights some of their limitations, and points out potential directions for future research. It provides one of the first unified views of the various dimensions of welfare cost of crime and violence that have been presented in the literature.

The purpose of this paper is to report the findings of a contingent valuation (CV) survey of health care services, designed to illuminate self-interest and benevolence on the part of one sex for the other.

In a constructed scenario, men and women recorded how much they would be willing to contribute to each of three different types of cancer screening, one of which would be available only to members of the opposite sex.

Over two-thirds of individuals, amongst whom men were more heavily represented, chose an identical CV for all three services. Amongst those who nominated dissimilar values, a willingness to contribute to own-sex screening coupled with an unwillingness to contribute to opposite-sex screening was more common amongst women than amongst men. Both sexes valued own-sex screening more highly than opposite-sex screening yet, compared with men, women were prepared to offer proportionately less for the latter relative to the former. In an associated person trade-off task, women were considerably less likely than men to choose opposite-sex screening at the expense of a type from which they could benefit personally.

To date, very little research has been undertaken on differential responses to health valuation of care provision by sex. The results suggest a degree of asymmetry between the sexes, with respect to self-interest and benevolence.