The evidence that we present is drawn exclusively from studies of verbal answers
to hypothetical questions about public issues. It is perhaps not surprising that, on
this favorable terrain, the concepts of attitude and affective valuation provide a
useful account of the data. It is early to say whether these concepts will prove
equally useful in other domains to which the theory of economic preference is
usually applied. On current evidence, it is possible to accept an attitude model for
hypothetical CV responses while retaining the idea that the standard model of rational choice applies to more consequential decisions. This appears to be the
position of economists who have criticized CVM e.g., Diamond and Hausman,
1994.. We believe, however, that the idea that actions are often interpretable as
relatively direct expressions of an affective valuation is likely to prove useful in the
analysis of many economically significant behaviors.
The evidence that we present is drawn exclusively from studies of verbal answersto hypothetical questions about public issues. It is perhaps not surprising that, onthis favorable terrain, the concepts of attitude and affective valuation provide auseful account of the data. It is early to say whether these concepts will proveequally useful in other domains to which the theory of economic preference isusually applied. On current evidence, it is possible to accept an attitude model forhypothetical CV responses while retaining the idea that the standard model of rational choice applies to more consequential decisions. This appears to be theposition of economists who have criticized CVM e.g., Diamond and Hausman,1994.. We believe, however, that the idea that actions are often interpretable asrelatively direct expressions of an affective valuation is likely to prove useful in theanalysis of many economically significant behaviors.
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