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Economic valuation by the method of paired comparison, with emphasis on evaluation of the transitivity axiomAuthor(s): George L. Peterson; Thomas C. Brown
Source: Land economics. 74(2): 240-261
Publication Series: Miscellaneous Publication
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DescriptionThe paired comparison (PC) method is used to investigate reliability, transitivity, and decision time for binary choices among goods and sums of money. The PC method reveals inconsistent choices and yields individual preference order over the set of items being compared. The data reported support the transitivity assumption and demonstrate high reliability for individual preference order. The paper also discusses using the PC method to obtain conservative median and mean estimates of willingness to accept compensation for public and private goods. The PC method may prove useful for valuing public goods, and warrants further study.
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CitationPeterson, George L.; Brown, Thomas C. 1998. Economic valuation by the method of paired comparison, with emphasis on evaluation of the transitivity axiom. Land economics. 74(2): 240-261
Keywordspaired comparison, preferences, willingness to accept compensation, public goods
- An enquiry into the method of paired comparison: reliability, scaling, and Thurstone's Law of Comparative Judgment
- Estimating willingness to accept using paired comparison choice experiments: tests of robustness
- Reliability of individual valuations of public and private goods: Choice consistency, response time, and preference refinement
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