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Both features facilitate administration and execution, particularly in developing countries where contingent valuation applications are still uncommon.4 Administration and execution are hampered if enumerators have poor understanding of the contingent valuation instrument (Whittington 2002).
The magnitude of the deficit depended on the valuation instrument and whether the respondents considered the most severe state worse or better than dead.
The EuroQol valuation instrument, or EQ-5D, is an international standardized instrument designed to measure health and to allow the elicitation of patient and/or general population preference values for a wide range of standardized health states [ 18].
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In particular the failure of monetary valuation to provide meaningful valuation instruments requires participation of a representative diversity of stakeholders in ESS research and governance to answer the question what people value, and how.
The findings from these two studies cannot be compared, as the valuation instruments are not commensurable.
Moreover, content validity of the instruments used for data collection was further strengthened by agreement between the research team for the use of proposed health states valuation instruments and other questionnaires used in the survey.
Mr. Gieve acknowledged the need for work on "liquidity risk management, valuation of complex instruments, disclosures of risk positions and on crisis management".
"We never agreed with Dr. Axelrod about his valuation of the instruments, but he did provide an appraisal of an internationally recognized person".
The valuation exercise for this instrument is still ongoing but once complete this instrument warrants further investigation of the type presented here [ 38].
Still, it was decided that the costs of commissioning a fresh appraisal -- a percentage of the valuation of all the instruments -- would been prohibitive.
"Although the 2010 reporting cycle is not yet complete, so far P.C.A.O.B. inspectors have continued to identify significant issues related to the valuation of complex financial instruments, among other areas," he said, adding that the "inspectors have also identified more issues than in prior years".
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