Consequentiality and contingent values: an emerging paradigm

In this paper we summarize the theoretical arguments of Carson and Groves, et al., and assemble early empirical evidence that comports with this theoretical framework. In doing so, we argue that redefining criterion validity in terms of consequentiality offers the potential for a fundamental paradigm shift in the Kuhnian sense. That this shift has yet to be fully incorporated into the contingent valuation literature reflects the nascent state of this paradigmatic challenge as well as the continued inertia of the dominant hypothetical bias paradigm. Further, empirical support for Carson and Groves, et al.’s consequentiality arguments have emerged in a somewhat piecemeal manner, spread across a diverse set of journal articles and unpublished manuscripts