Arbitrary values, good causes, and premature verdicts

V. Kerry Smith

Research output: Contribution to journalArticlepeer-review

103 Scopus citations


This paper offers an alternative interpretation of the conclusions Kahneman and Knetsch propose based on two contingent valuation (CVM) surveys. The evaluation argues that while framing is important to CVM estimates, the design, implementation, and empirical findings reported from these surveys do not support their judgments. Moreover, with the exception of temporal embedding, conventional economic descriptions of individual behavior can explain the response patterns that they suggest are at variance with standard value theory.

Original languageEnglish (US)
Pages (from-to)71-89
Number of pages19
JournalJournal of Environmental Economics and Management
Issue number1
StatePublished - Jan 1992

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law


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