Contingent valuation: Is some number better than no number?

Abstract

Most economic analyses aim at explaining market transactions. Data on transactions, or potentially collectible data on transactions, are the touchstone for recognizing interesting economic analyses. However loose the connection between a theoretical or empirical analysis and transactions, this connection is the basis of the methodology of judging the credibility and reliability of economic analyses. Generally, individuals do not purchase public goods directly. Lack of data on transactions implies that economists must find other methods to assess surveys asking for valuations of public goods.