CVM-X: Calibrating Contingent Values with Experimental Auction Markets

John A. Fox, Jason F. Shogren, Dermot J. Hayes and James B. Kliebenstein “CVM-X: Calibrating Contingent Values with Experimental Auction Markets." American Journal of Agricultural Economics, Vol. 80, No. 3 (Aug., 1998), pp. 455-46.

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We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process (0.67-0.69) are less severe than for those with an initial dislike of the process (0.55-0.59), suggesting that calibration may be commodity specific.