Hi everybody ! I hope you're doing well and staying safe. We aim to estimate the true value of Argane fruit which is a product typically traded in market (Already has a market price) . But we think that Argane fruit's market price fails to account all of the costs and benefits involved when providing this specific good.
In such situation, can we use contingent valuation method even though it's a marketable good ? We will really appreciate if you can provide us some literature or provide some suggestions on methods to estimate true price.
Yes contingent valuation should do.You can also refer to
Non market valuation: methods and data by Peter w Schumann ( University of Carolina Wilmington)
Hi, You may refer to our paper, Woodward et al. 2014 in Natural Resources Form. It is a good primer on market-based conservation.
Contingent valuation is an economic valuation technique based on the econometric processing of survey data intended to reveal the value attributed to certain non-market goods or resources, such as historic monuments or natural sites. Consumption of these goods provides a utility, but it is impossible to assign a price to them, and hence a market value.
The resources that you want to evaluate really do not have an economic value, that is to say a cost?
If this is the case, it is established that this method is well indicated.
Here are some references that might help you.
1)W. Michael Hanemann, 'Valuing the Environment Through Contingent Valuation' The Journal of Economic Perspectives, Vol. 8, No. 4. (Autumn, 1994), p. 19-43
2)Peter A. Diamond; Jerry A. Hausman, 'Contingent Valuation: Is Some Number better than No Number?' The Journal of Economic Perspectives, Vol. 8, No. 4. (Autumn, 1994), p. 45-64
3)Paul R. Portney, 'The Contingent Valuation Debate: Why Economists Should Care' The Journal of Economic Perspectives, Vol. 8, No. 4. (Autumn, 1994), p. 3-17
4)Carson, Richard T; Wilks, Leanne; Imber, David "Valuing the Preservation of Australia's Kakadu Conservation Zone" (1994) Oxford Economic Papers, vol. 46(0), p. 727-49
5)Martin Angel, 'La Nature a-t-elle un prix ? Critique de l'évaluation monétaire des biens non marchands', Éditions Presses de l'École des Mines, Paris, 1999
I also understand that one of the assumptions of your work is that the market value of the Argane is known, but undervalued because it does not take into account several other elements. This would make your work more interesting as you will help establish an economic value near to reality, which in our opinion would be great.
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