CVM-X: Calibrating Contingent Values with Experimental Auction Markets

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. Copyright 1998, Oxford University Press.