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Sunday, May 20, 2018
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Bayesian Benefit Transfer
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Bayesian Benefit Transfer

Principles and applications

25 pages · 4.76 EUR
(October 2007)

 
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Abstract:

The Contingent Valuation method and Choice Experiments are popular methods in environmental economics to elicit people's willingness to pay for a positive change in environmental quality or for the prevention of a negative change. However, the most incentive compatible elicitation methods require large samples and expensive surveys to obtain valid results. Therefore, the benefit transfer approach has been suggested, which assigns results from past studies to a new policy site. Unfortunately, most of the suggested methods in the past failed. Recently environmental economists started to look into using Bayesian methods as a tool for the benefit transfer. This contribution explains the principles of the Bayesian Benefit Transfer and demonstrates its applications using data from a Contingent Valuation study and from a Choice Experiment. It can be shown, that the Bayesian benefit transfer succeeds in reducing survey costs by large and facilitates cost-benefit analysis.

KEYWORDS: benefit transfer, bayesian approach, choice experiments, prior choice, power prior


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Ulrike Lehr
Ulrike Lehr

, Deutsches Zentrum für Luft- und Raumfahrt (DLR), Institut für Technische Thermodynamik, Systemanalyse & Technikbewertung. Pfaffenwaldring 38-40, D-70569 Stuttgart