Guidance for Deliberative Monetary Valuation Studies

Abstract

There is growing demand for more pluralistic valuation approaches, for which Deliberative Monetary Valuation (DMV) is suitable. Guidance is needed for valid and reliable DMV application, as exists for conventional willingness to pay studies using stated preference methods. The purpose of this paper is to develop a set of minimal requirements for study design and reporting aimed at DMV practitioners, based on the existing DMV literature as well as related social science literatures. The core contribution of our paper is the practical recommendations for DMV study design focusing on the deliberation process and elicitation format, analysis of the deliberation and willingness to pay results, and validity. We summarise reporting requirements for reliability, before offering conclusions and suggestions for promising future research directions.