Continuous contingent valuation method based on random utility maximization

LIAN Huan, WANG Erda, CHEN Zheang, ZHANG Guanyu, LIU Yifang

Systems Engineering - Theory & Practice ›› 2020, Vol. 40 ›› Issue (12) : 3259-3269.

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Systems Engineering - Theory & Practice ›› 2020, Vol. 40 ›› Issue (12) : 3259-3269. DOI: 10.12011/SETP2020-0484

Continuous contingent valuation method based on random utility maximization

  • LIAN Huan1, WANG Erda1, CHEN Zheang2, ZHANG Guanyu2, LIU Yifang3,4
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Abstract

Cultural heritage resources have typical characteristics of public goods or quasi-public goods, and scientific evaluation methods are essential to measuring the value of cultural heritages. This paper proposes a continuous valuation method (random utility maximization-continuous contingent valuation method, RUM-CCVM) based on random utility maximization, which effectively combines the complementary advantages of two traditional conditional valuation methods. By discretizing the data collected by questionnaires, the continuous information acquisition method in continuous CVM is combined with random utility maximization in discrete CVM to effectively solve the positive answer deviation and starting point deviation caused by the traditional CVM. The valuation results are more reasonable with economic implications. Finally, the data of Dongling Park in Shenyang is used to test the validity of the RUM-CCVM method, and the aggregate economic value of the park to tourists is evaluated.

Key words

random utility maximization (RUM) / continuous contingent valuation method (CCVM) / willingness to pay (WTP) / cultural heritage

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LIAN Huan , WANG Erda , CHEN Zheang , ZHANG Guanyu , LIU Yifang. Continuous contingent valuation method based on random utility maximization. Systems Engineering - Theory & Practice, 2020, 40(12): 3259-3269 https://doi.org/10.12011/SETP2020-0484

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Funding

National Natural Science Foundation of China (71640035)
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