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| Benefit Transfer Method× | Choice Experiment Valuation× | |
|---|---|---|
| Field | Economics | Economics |
| Family | Process / pipeline | Process / pipeline |
| Year of origin≠ | 1992 | 1974 |
| Originator≠ | Applied environmental-economics practice (formalized by Boyle & Bergstrom; Rosenberger & Loomis) | Random utility theory (McFadden); applied to valuation by Louviere & Hensher |
| Type≠ | Secondary valuation: transferring existing estimates to a new policy site | Attribute-based stated-preference valuation method |
| Seminal source≠ | Rosenberger, R. S., & Loomis, J. B. (2003). Benefit transfer. In P. A. Champ, K. J. Boyle, & T. C. Brown (Eds.), A Primer on Nonmarket Valuation. Kluwer/Springer. ISBN: 9780792364986 | McFadden, D. (1974). Conditional logit analysis of qualitative choice behavior. In P. Zarembka (Ed.), Frontiers in Econometrics (pp. 105–142). New York: Academic Press. ISBN: 9780127761503 |
| Aliases | Benefit Transfer, Value Transfer, Unit Value Transfer, Benefit Function Transfer | Discrete Choice Experiment, DCE, Choice-Based Conjoint Valuation, Stated Choice Experiment |
| Related≠ | 4 | 2 |
| Summary≠ | Benefit transfer is the practice of estimating the economic value of a nonmarket good — clean water, a recreation site, an endangered species, an avoided health risk — at a new 'policy site' by adapting value estimates from one or more existing 'study sites' where primary valuation research was already conducted. Because original contingent-valuation, choice-experiment, or hedonic studies are expensive and slow, analysts facing limited time and budgets transfer existing results, ranging from simply borrowing a single dollar value (unit value transfer) to transplanting an entire estimated valuation function (function transfer) or predicting from a meta-regression of many prior studies. | A choice experiment (discrete choice experiment, DCE) is an attribute-based stated-preference method that values non-market goods by describing them as bundles of characteristics and asking respondents to choose repeatedly among competing alternatives — one of which always carries a cost. Grounded in random utility theory, the choices are modeled with a discrete-choice model whose coefficients reveal the relative value of each attribute, and dividing any attribute's coefficient by the cost coefficient yields its marginal willingness to pay. |
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