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  • Articles  (88)
  • contingent valuation  (48)
  • risk aversion  (40)
  • Springer  (88)
  • Elsevier
  • Periodicals Archive Online (PAO)
  • Economics  (88)
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  • Articles  (88)
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  • Springer  (88)
  • Elsevier
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  • 1
    Electronic Resource
    Electronic Resource
    The Construction of a Simple Book (2000)
    Springer
    Journal of risk and uncertainty 20 (2000), S. 119-140 
    Details
    ISSN: 1573-0476
    Keywords: book ; risk aversion ; over-round ; personal probability ; price utility ; minimax
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A book is made for a horse race, and punters place their bets. The problem considered here is how the bookmaker should construct his book. Before this can be solved, it has to be determined how the punters will react to any proposed book. Much of the detailed discussion is confined to a race with two horses, though some results apply in the general case. The punters' problem is solved using a utility function, special attention being paid to the case of constant risk-aversion. Two solutions are provided for the bookmaker's problem, dependent on whether it is desired to maximize expected gain, or achieve the same gain whatever horse wins.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007885423198
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  • 2
    Electronic Resource
    Electronic Resource
    Just Who Are You Calling Risk Averse? (2000)
    Springer
    Journal of risk and uncertainty 20 (2000), S. 177-187 
    Details
    ISSN: 1573-0476
    Keywords: risk aversion ; laboratory experiments
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper estimates individual risk preferences based upon data that are generated by the same individuals acting in different institutions. The results show that the (estimated) numerical values of individuals' implied risk parameters are not stable within individuals across institutions. Furthermore, the ranking across subjects of the numerical values of individuals' implied risk parameters is not preserved across institutions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007881008177
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  • 3
    Electronic Resource
    Electronic Resource
    Valuation of Multiple Environmental Programs (2000)
    Springer
    Journal of risk and uncertainty 21 (2000), S. 95-115 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; constructed preferences ; environment ; attitudes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We examined sequence effects on willingness-to-pay (WTP) when people evaluate a series of environmental goods. Each respondent evaluated five different environmental goods using WTP and four evaluative attitude ratings. There was a strong sequence effect: WTP was much larger for the first good than for goods evaluated afterward. Also, total WTP for the bundle of five goods depended on which good was evaluated first: the more highly valued the first good, the higher the total WTP for the bundle. The attitude ratings are shown to be more statistically efficient than WTP in measuring the relative importance of different environmental goods.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1026573527618
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  • 4
    Electronic Resource
    Electronic Resource
    Complements, Substitutes, Budget Constraints and Valuation (2000)
    Springer
    Environmental and resource economics 16 (2000), S. 51-68 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; endangered species ; environmental valuation ; multi-program
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This study employs a multi-program contingent valuation (CVM) design tosimultaneously assess the value of three ecosystem conservation programsin Alberta, Canada. The design is different from most other CVM designsand has several different features including the natural incorporation ofdirect reminders of substitute/complementary programs and budgetconstraints. In contrast to the findings of other studies, two of the environmentalprograms appear to be complements and other combinations of the programssuggest an absence of substitution effects. The multi-program model ismore informative and robust in terms of theoretical validity and expectedrelationships with demographic and recreational characteristics of therespondents.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008328920083
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  • 5
    Electronic Resource
    Electronic Resource
    Contingent Valuation of a Cultural Public Good and Policy Design: The Case of ``Napoli Musei Aperti'' (2000)
    Springer
    Journal of cultural economics 24 (2000), S. 181-204 
    Details
    ISSN: 1573-6997
    Keywords: contingent valuation ; public goods ; cultural goods ; logit spike model ; cultural policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Art History , Economics
    Notes: Abstract The aim of the paper is twofold: to report on theapplication of a contingent valuation survey todetermine the value to the Naples population ofmaintaining ``Napoli Musei Aperti'', a cultural publicgood provided by the city of Naples, and to exploresome alternative schemes of cultural policy. The paperis divided in two parts. The first presents someresults of the contingent valuation study. The seconddiscusses the use of the contingent valuation as apolicy instrument in the public cultural sector.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007642231963
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  • 6
    Electronic Resource
    Electronic Resource
    Comparing Ranking and Contingent Valuation for Valuing Human Lives, Applying Nested and Non-Nested Logit Models (2000)
    Springer
    Environmental and resource economics 17 (2000), S. 1-19 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; ranking ; nested logit models ; valuing human lives
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The aim of this paper is to investigate whetherrespondents perceive a discrete-choice contingentvaluation (DC-CVM) question differently from a rankingquestion. We combine the two approaches to valuepublic projects that try to prevent people from dyingprematurely. The combined valuation procedure enablesus to investigate the internal consistency of theutility structure between choices, applying nested andnon-nested logit models. If the preference structureis allowed to shift, the relative utility weights ofthe attributes differ between the valuation questions,and the willingness-to-pay (WTP) estimate from thecombined procedure changes.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008336406885
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  • 7
    Electronic Resource
    Electronic Resource
    An Experimental Testing of Anchoring Effects in Discrete Choice Questions (2000)
    Springer
    Environmental and resource economics 16 (2000), S. 329-341 
    Details
    ISSN: 1573-1502
    Keywords: anchoring ; contingent valuation ; experimental economics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper re-examines the openended/dichotomous choice question in the lab. It hasearlier been suggested that the dichotomous choiceformat suffers from anchoring and yea-saying.Comparing actual economic commitments for a privategood with a significant market value, we cannot rejectthe null hypothesis of equal WTP for the two formats.We conclude that problems with DC might be due toissues of how the survey is framed, not the DCquestion itself.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008388421810
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  • 8
    Electronic Resource
    Electronic Resource
    Minimising Payment Vehicle Bias in Contingent Valuation Studies (2000)
    Springer
    Environmental and resource economics 16 (2000), S. 407-422 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; payment vehicle bias ; wetlands
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The payment vehicle is a crucial element inapplications of the contingent valuation methodbecause it provides the context for payment. However,in many countries a relative unfamiliarity with theuse of tax levies and referenda can affect theplausibility of payment vehicles and lead to paymentvehicle bias. The most commonly used approach fordetermining whether payment bias exists is to usetests of convergent validity. It is demonstrated thatsimple tests of convergent validity can be ineffectivein diagnosing the existence of payment vehicle bias.Payment vehicle bias is found to occur because ofdifferences in the coverage of payment vehicles anddoubts about payment being one-off. When respondentsare found to be protesting against a particularpayment vehicle, the current state of the art approachis to delete them from the sample. In this paper analternative approach that relies on the recoding ofprotest responses is proposed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008368611972
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  • 9
    Electronic Resource
    Electronic Resource
    Binary Choice Valuation Studies with Heteregeneous Preferences Regarding the Program Being Valued (2000)
    Springer
    Environmental and resource economics 16 (2000), S. 263-279 
    Details
    ISSN: 1573-1502
    Keywords: conflicting objectives ; heterogeneous preferences ; contingent valuation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract We investigate the effect of respondents' heterogeneous preferences regarding the good to be valued in binary-choice contingent valuationstudies. This is especially important when the valuation options give rise to both highly negative and highly positive attitudes.The survey design employs questionnaires which include separate items for willingness to favorandwillingness to contribute in monetary terms to the provision of the good. In light of our analysis, eliciting respondents' differentpreferences for the project first, without monetary considerations, wouldimprove the WTP estimates as welfare measures. Our results alsosuggest that nonparametric estimation could offer another solution foraccounting for preference heterogeneity. Nonparametric estimation is less sensitive to those `no' responses which are in fact not intended toreflect the respondents' WTP as such but merely to express their dislikefor the good at issue.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008388426777
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  • 10
    Electronic Resource
    Electronic Resource
    Optimal Insurance Under Random Auditing (1999)
    Springer
    The Geneva risk and insurance review 24 (1999), S. 29-54 
    Details
    ISSN: 1554-9658
    Keywords: insurance ; auditing ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random. When the policyholder exhibits constant absolute risk aversion, the optimal contract involves a positive indemnity payment with a deductible when the magnitude of damages exceeds a threshold. In such a case, marginal damages are fully covered if the claim is verified. Otherwise, there is an additional deductible that disappears when the damages become infinitely large. Under decreasing absolute risk aversion, providing a positive indemnity payment for small claims with a nonmonotonic coverage schedule may be optimal.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008781131861
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  • 11
    Electronic Resource
    Electronic Resource
    Calibrating Hypothetical Willingness to Pay Responses (1999)
    Springer
    Journal of risk and uncertainty 18 (1999), S. 21-32 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; hypothetical bias ; willingness to pay ; experiments ; calibration
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Experimental data comparing hypothetical and real dichotomous choice responses for two different goods were used to estimate a statistical bias function to calibrate the hypothetical yes responses. The probability that a hypothetical yes response would be a real yes response was estimated as a function of the individual's self-assessed certainty of the hypothetical yes response (assessed on a 0–10 scale) and a variable representing the price level. Without calibration the hypothetical yes responses significantly exceeded the proportion of real yes responses, but after calibration the null hypothesis of no difference between hypothetical and real responses could not be rejected in any of the experiments.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007708326467
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  • 12
    Electronic Resource
    Electronic Resource
    Economic Preferences or Attitude Expressions?: An Analysis of Dollar Responses to Public Issues (1999)
    Springer
    Journal of risk and uncertainty 19 (1999), S. 203-235 
    Details
    ISSN: 1573-0476
    Keywords: preferences ; attitudes ; contingent valuation ; psychology and economics ; utility assessment
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Participants in contingent valuation surveys and jurors setting punitive damages in civil trials provide answers denominated in dollars. These answers are better understood as expressions of attitudes than as indications of economic preferences. Well-established characteristics of attitudes and of the core process of affective valuation explain several robust features of dollar responses: high correlations with other measures of attractiveness or aversiveness, insensitivity to scope, preference reversals, and the high variability of dollar responses relative to other measures of the same attitude.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007835629236
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  • 13
    Electronic Resource
    Electronic Resource
    Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability? (1999)
    Springer
    Journal of risk and uncertainty 18 (1999), S. 33-62 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; scope test
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Efficient investments in health protection require valid estimates of the public's willingness to forgo consumption for diminished probabilities of death, injury, and disease. Stated valuations of risk reduction are not valid measures of economic preference if the valuations are insensitive to probability variation. This article reviews the existing literature on CV studies of reductions in health risk and finds that most studies are poorly designed to assess the sensitivity of stated valuations to changes in risk magnitude. Replication of a recent study published in this journal by Johannesson et al. (1997) demonstrates how serious the problem of insensitivity can be, even for a study that reports plausible results. New empirical results are presented from telephone surveys designed to provide internal and external tests of how WTP responds to size of risk reduction. The effect of variations in instrument design on estimated sensitivity to magnitude is examined. Overall, estimated WTP for risk reduction is inadequately sensitive to the difference in probability, that is, the magnitude of the difference in WTP for different reductions in risk is typically smaller than suggested by standard economic theory. Additional research to improve methods for communicating changes in risk is needed, and future studies of stated WTP to reduce risk should include rigorous validity checks.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007760327375
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  • 14
    Electronic Resource
    Electronic Resource
    Compensation of Uncertain Lost Earnings (1999)
    Springer
    European journal of law and economics 8 (1999), S. 51-61 
    Details
    ISSN: 1572-9990
    Keywords: Compensation ; risk aversion ; certainty equivalent
    Source: Springer Online Journal Archives 1860-2000
    Topics: Law , Economics
    Notes: Abstract The present value of expected lost earnings is in the Law and Economics literature normally regarded as the amount that makes a victim fully compensated at income losses. However, the present value measure disregards risk-aversion. In the framework of the von-Neumann-Morgenstern utility theory the risk-averse victim will be made whole by a compensation smaller than the present value of the stream of uncertain lost earnings. A rule for determining an immediate certainty equivalent for lost potential earnings when the victim is risk-averse is suggested. The equivalent depends not only on the degree of risk-aversion, but also on the correlation between future losses. The legal practice varies, but in many jurisdictions judges tend to pay less than the present value for uncertain lost earnings, which is in accordance with our results.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008791517494
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  • 15
    Electronic Resource
    Electronic Resource
    On the Asymmetry of the Vagueness Band in Willingness to Pay Answers (1999)
    Springer
    Environmental and resource economics 14 (1999), S. 151-163 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; trichotomous choice ; supply vagueness ; asymmetry
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The NOAA panel for Contingent Valuation opened up the question of the possibility of using trichotomous choice discrete formats in CV studies. In this paper we show how the trichotomous choice format can be used for testing the successfulness of the project definition in the questionnaire. We shall define the vagueness band around the ‘true’ outcome of the project to be valued and we allow it to be asymmetric. It is shown how this asymmetry can be modelled and estimated. We also show how these new models are generalisations of ordinary ordered probit/logit models.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008310706090
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  • 16
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    The Validity of Environmental Benefits Transfer: Further Empirical Testing (1999)
    Springer
    Environmental and resource economics 14 (1999), S. 95-117 
    Details
    ISSN: 1573-1502
    Keywords: benefits transfer ; contingent valuation ; environmental valuation ; validity testing
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper provides further empirical evidence of the validity of environmental benefits transfer based on CV studies by expanding the analysis to include control factors which have not been accounted for in previous studies. These factors refer to differences in respondent attitudes. Traditional population characteristics were taken into account, but these variables do not explain why respondents from the same socio-economic group may still hold different beliefs, norms or values and hence have different attitudes and consequently state different WTP amounts. The test results are mixed. The function transfer approach is valid in one case, but is rejected in the 3 other cases investigated in this paper. We provide further evidence that in the case of statistically valid benefits transfer, the function approach results in a more robust benefits transfer than the unit value approach. We also show that the equality of coefficient estimates is a necessary, but insufficient condition for valid benefit function transfer and discuss the implications for previous and future validity testing.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008377604893
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  • 17
    Electronic Resource
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    Preference Structures, Property Rights, and Paired Comparisons (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 107-122 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; lexicographic preferences ; nonmarket valuation ; property rights
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The method of paired comparisons was used to determine the structure of survey participants' value expressions for Australian native forests. The same participants were also surveyed using the contingent valuation method (CVM). Data from the paired comparisons were used to construct preference maps which enabled identification of participants whose value expressions were structurally incompatible with economic welfare theory – in particular, those participants who expressed their values according to lexicographic preferences. For some of these participants, CVM results did not provide appropriate measures of WTP. The surveys also demonstrated the importance of allowing participants' own views on property rights to dictate the valuation context offered.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008239616998
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  • 18
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    CVP under Uncertainty and the Manager's Utility Function Revisited (1999)
    Springer
    Review of quantitative finance and accounting 12 (1999), S. 159-171 
    Details
    ISSN: 1573-7179
    Keywords: Cost-volume-profit analysis ; conflict of interest ; risk aversion ; multiple sources of uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper re-examines the model of Kim, Abdolmohammada, and Klein (KAK, 1996) in which owners of a firm delegate the production decision to a risk-averse manager. Conflict of interest between the owners and the manager emerges as the latter maximizes the expected utility of his/her own wealth rather than that of the firm's profits. This paper shows that the results of KAK on the expected contribution margin and the excess return on the risky asset are flawed. Furthermore, while KAK study the effects of delegating the production decision to the manager on the firm's optimal output based on the mean-variance analysis, this paper derives parallel results within utility functions exhibiting constant absolute risk aversion and any arbitrary probability distribution functions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008352305790
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  • 19
    Electronic Resource
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    What does it take to eliminate the use of a strategy strictly dominated by a mixture? (1999)
    Springer
    Experimental economics 2 (1999), S. 129-150 
    Details
    ISSN: 1573-6938
    Keywords: game theory ; mixed strategies ; dominance ; induced value theory ; risk aversion ; binary lotteries ; uncertainty aversion ; spite ; human behavior ; C72 ; C78 ; C92 ; D83
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper reports an experiment to determine whether subjects will learn to stop using a strictly dominated strategy that can be an above average reply. It is difficult to find an experimental design that eliminates the play of the strictly dominated strategy completely. The least effective treatment used money to motivate behavior directly. The most effective treatment used a binary-lottery with money prizes to induce preferences, but even this treatment required giving subjects plenty of experience. Doing so reduced the play of the strictly dominated strategy to around 10 percent by the end of a session. There is no evidence for the explosive cycling needed to make the strictly dominated strategy an above average reply.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01673483
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  • 20
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    What Does it Take to Eliminate the use of a Strategy Strictly Dominated by a Mixture? (1999)
    Springer
    Experimental economics 2 (1999), S. 129-150 
    Details
    ISSN: 1573-6938
    Keywords: game theory ; mixed strategies ; dominance ; induced value theory ; risk aversion ; binary lotteries ; uncertainty aversion ; spite ; human behavior
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper reports an experiment to determine whether subjects will learn to stop using a strictly dominated strategy that can be an above average reply. It is difficult to find an experimental design that eliminates the play of the strictly dominated strategy completely. The least effective treatment used money to motivate behavior directly. The most effective treatment used a binary-lottery with money prizes to induce preferences, but even this treatment required giving subjects plenty of experience. Doing so reduced the play of the strictly dominated strategy to around 10 percent by the end of a session. There is no evidence for the explosive cycling needed to make the strictly dominated strategy an above average reply.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1009996122528
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  • 21
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    Willingness to Pay for Domestic Television Programming (1999)
    Springer
    Journal of cultural economics 23 (1999), S. 147-164 
    Details
    ISSN: 1573-6997
    Keywords: contingent valuation ; demand for television programs ; television programming regulation ; valuing cultural benefits
    Source: Springer Online Journal Archives 1860-2000
    Topics: Art History , Economics
    Notes: Abstract The article describes the application of contingent valuation to estimate the value of the benefits that the Australian community derives from the mandatory transmission of Australian programs by television stations. This application of contingent valuation to estimate cultural benefits offers an insight on the potential for a wider application of the methodology to evaluate cultural policy instruments. The study found that a majority of Australians support regulation of the domestic content of television programs and considers the value of the related benefits to be commensurate with the cost of supplying domestic programming.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007571812251
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  • 22
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    Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 235-248 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; dichotomous-choice ; hypothetical questions ; real behaviour
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to ‘yea-saying’ behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008271219089
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  • 23
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    Does Question Format Matter? Valuing an Endangered Species (1999)
    Springer
    Environmental and resource economics 14 (1999), S. 365-383 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; endangered species ; question format ; red-cockaded woodpecker
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A three-way treatment design is used to compare contingent valuation response formats. Respondents are asked to value an endangered species (the red-cockaded woodpecker) and the restoration of its habitat following a natural disaster. For three question formats (open-ended, payment card, and double-bounded dichotomous choice), differences in survey response rates, item non-response rates, and protest bids are examined. Bootstrap techniques are used to compare means across formats and to explore differences in willingness to pay (WTP) distribution functions. Convergent validity is found in a comparison of mean WTP values, although some differences are apparent in the cumulative distribution functions. Differences across formats are also identified in item non-response rates and proportion of protest bids. Overall, the payment card format exhibits desirable properties relative to the other two formats.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008320621720
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  • 24
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    Valuing the Incremental Benefits of Groundwater Protection when Exposure Levels are Known (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 341-367 
    Details
    ISSN: 1573-1502
    Keywords: contingent valuation ; damage and benefit functions ; groundwater quality ; risk perceptions ; JEL classification: Q21, Q25, D62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Both economic theory and psychological research indicate that benefit functions for reductions in health risk exposures may be conditional on current exposures. Using nitrates found in household wells, it is demonstrated that perceptions of health risks across exposure levels are affected by the individual's current exposure level, thus providing support for a conditional benefits function approach. Functions of conditional incremental benefits are estimated from a contingent valuation study of households that had been informed of their water test results. Incremental benefits reach a peak at an intermediate level of nitrates and then decline. Possible explanations for this non-convexity are provided.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008251418007
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  • 25
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    Stochastic orders and their applications in financial optimization (1999)
    Springer
    Mathematical methods of operations research 50 (1999), S. 351-372 
    Details
    ISSN: 1432-5217
    Keywords: Key words: Portfolio selection ; demand problem ; shift effect problem ; bivariate characterization ; risk aversion ; generalized harmonic mean ; equilibrium price ; Markov chain
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract. Stochastic orders and inequalities are very useful tools in various areas of economics and finance. The purpose of this paper is to describe main results obtained so far by using the idea of stochastic orders in financial optimization. Especially, the emphasis is placed on the demand and shift effect problems in portfolio selection. Some other examples, which are not related directly to optimization problems, are also given to demonstrate the wide spectrum of application areas of stochastic orders in finance.
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    Protest Responses in Contingent Valuation (1999)
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    Environmental and resource economics 14 (1999), S. 131-150 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; protest responses ; willingness to pay ; stormwater pollution
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A significant number of respondents to contingent valuation surveys tend to either state a zero bid, or refuse to state a bid at all, for reasons associated with the process of valuation. These protest responses are routinely removed from contingent valuation samples because it is assumed that they are not indicative of respondents’ ‘true’ values. The censoring of protest responses has led to the emergence of a definitional controversy. One view is that the definition of protest responses and the rules for censoring them are dependent on whether the practitioner conceives of the contingent valuation survey as a market or as a referendum. However, what is not acknowledged is the possibility that protest responses and their meaning may vary according to the type of good being valued, the elicitation format, and the interaction between these elements and external factors. This potential renders the development of unambiguous rules for censoring protest responses difficult. Moreover, when willingness to pay is viewed as a behavioural intention, it becomes important to determine what the responses actually mean. This approach does not assume an interpretative position a priori against which the responses should be judged, but seeks to inform an existing understanding which is inadequate.
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    A Field Experiment Involving Cash and Hypothetical Charitable Donations (1999)
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    Environmental and resource economics 14 (1999), S. 399-412 
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    ISSN: 1573-1502
    Keywords: bias ; cash and hypothetical donations ; contingent valuation ; realism
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract An important focus for concern about Contingent Valuation (CV) is that hypothetical payments for non-market goods are biased upwards in comparison to cash payments. Lack of realism, through its influence on incentives to mis-report payments, may explain the divergence. This paper reports on a study which attempts to overcome this problem by emulating a real fund-raising solicitation by the Isle of Eigg Trust for both real and hypothetical donations. In contrast to previous results, the mean cash donation was higher (£3.71) than the man CV donation (£3.41). A third survey, which used a neutral CV design, implemented by a research organization, obtained a mean donation which was much higher (£6.21) than the cash equivalent.
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    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 1-Caveat Investigator (1998)
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    Journal of risk and uncertainty 17 (1998), S. 5-26 
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    ISSN: 1573-0476
    Keywords: safety ; contingent valuation ; embedding ; scope ; sequencing
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    Topics: Economics
    Notes: Abstract This article reports the results of two studies aimed at testing and refining a procedure for estimating willingness-to-pay based monetary values of safety using the contingent valuation method. In spite of the fact that respondents were given the opportunity to discuss various safety issues and key concepts in focus group meetings held in advance of individual interviews, and were also given ample opportunity to revise their responses in the light of the overall pattern of these responses, the results show clear evidence of extensive and persistent insensitivity to the scale and scope of the safety improvements that were specified in the contingent valuation questions, as well as vulnerability to framing effects. This clearly casts serious doubt on the reliability and validity of willingness-to-pay based monetary values of safety estimated using conventional contingent valuation procedures.
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    URL: http://dx.doi.org/10.1023/A:1007711416843
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    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 2 - The CV/SG "Chained" Approach (1998)
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    Journal of risk and uncertainty 17 (1998), S. 187-214 
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    ISSN: 1573-0476
    Keywords: Safety ; contingent valuation ; standard gambles ; embedding ; scope ; sequencing
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    Topics: Economics
    Notes: Abstract This article reports the results of a study aimed at estimating a willingness-to-pay based value of statistical life for road risks using a multi-stage approach which involves "chaining together" responses to contingent valuation and standard gamble questions. The rationale for employing a multi-stage approach is to break the wealth/risk of death trade-off down into a number of conceptually manageable steps, thereby trying to attenuate the various biases that appear to be pervasive in responses to more direct contingent valuation questions in the health and safety field.
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    Measuring the Utility of Losses by Means of the Tradeoff Method (1998)
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    Journal of risk and uncertainty 17 (1998), S. 277-296 
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    ISSN: 1573-0476
    Keywords: Utility elicitation ; prospect theory ; tradeoff ; risk aversion ; diminishing sensitivity ; procedure invariance
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    Topics: Economics
    Notes: Abstract This paper investigates the shape of the utility function for losses. From a rational point of view it can be argued that utility should be concave. Empirically, measurements of the utility for losses show mixed results but most evidence supports convex rather than concave utilities. However, these measurements use methods that are either biased by the certainty effect or require complex parametrical estimations. This paper re-examines utility for losses, avoiding the mentioned pitfalls by using the tradeoff method. We find that utility for losses is convex. This is contrary to common assumption in the economics literature. Also, we investigate properties of the tradeoff method showing a new violation of procedure invariance. Our findings demonstrate that diminishing sensitivity is an important phenomenon for utility elicitation.
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    Construct Validity of Dichotomous and Polychotomous Choice Contingent Valuation Questions (1998)
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    Environmental and resource economics 11 (1998), S. 107-116 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; dichotomous choice ; polychotomous choice ; construct validity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract In this note we conduct construct validity tests for dichotomous choice (DC) and polychotomous choice (PC) contingent valuation questions. Contrary to previous results, we find that DC and PC estimates of willingness to pay are theoretically valid, convergent valid, and similar in terms of statistical precision. Similar to previous results, PC respondents are less sensitive to information than DC respondents. We conclude that DC and PC valuation questions are construct valid for this study. Sequential PC valuation questions could be used in studies where obtaining information about the certainty or intensity of respondent preferences would be useful.
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    Multivariate Mixed Models for Open-Ended Contingent Valuation Data: Willingness To Pay For Conservation of Monk Seals (1998)
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    Environmental and resource economics 12 (1998), S. 443-456 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; willingness-to-pay ; open-ended data ; multivariate mixed discrete-continuous models
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Although dichotomous choice (DC) contingent valuation (CV) has been recommended by the US NOAA 'blue-ribbon' panel for large-scale contingent valuation studies, useful information can still be obtained from smaller, open-ended (OE) studies, often undertaken as a precursor to a DC survey. The CV study considered here was carried out in Greece and looked at willingness-to-pay (WTP) for protecting the Mediterranean monk seal (Monachus-monachus) in the Aegean area. This is the most endangered seal in the world, and the application of the CV methodology was the first such application in Greece. The OE data consist of two responses: first, a binary response detailing whether or not respondents were in principle prepared to pay for the protection of this seal; secondly, those respondents who answered 'yes' to the first question were then asked to state their maximum WTP for such protection. A multivariate binomial – log-normal mixture model is used to develop a bid function including explanatory variables such as income, sex, age and education. Such a modelling approach provides an alternative to more commonplace tobit estimation. However, the model is extended to include further information which was collected on: (a) an increased WTP amount given in response to information that the initial WTP amount may not be enough to prevent the extinction of the seal; (b) respondents were asked to divide their final WTP amount between use, option and existence values, the latter requiring a multivariate model with four binary and four continuous responses per individual in the same model. The discussion focuses on the methodological issues raised with some comment on the substantive interpretation of results.
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    A Bayesian Approach to Double Bounded Contingent Valuation (1998)
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    Environmental and resource economics 11 (1998), S. 197-215 
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    Keywords: Bayesian methods ; contingent valuation ; dichotomous choice
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract In this paper we propose a Bayesian approach to model double bounded contingent valuation data. The double bounded elicitation method is interpreted as a two tier iterated process in which the subject is allowed to have a second thought about his/her valuation for the environmental good. Prior information is modelled from the answers to the first dichotomous choice question. The model is Quasi-Bayesian (Q-B) in that the prior distribution refers to mean willingness to pay while the likelihood function refers to the proportions of a multinomial distribution. This model is applied to empirical data from a contingent valuation survey involving the valuation expressed by European tourists for access to natural areas in the Canary Islands. Results show that point estimate of consumer surplus computed with the Q-B model does not differ substantially from single bounded model estimation. In addition, double bounded seems to be quite robust to the choice of the prior model of willingness to pay responses. Comparison with open ended suggests that the Q-B model might be useful to control for strategic response and starting point biases.
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    The Importance of Ethics in Environmental Economics with a Focus on Existence Values (1998)
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    Environmental and resource economics 11 (1998), S. 429-442 
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    ISSN: 1573-1502
    Keywords: altruism ; contingent valuation ; ethics ; existence values ; motives ; simplifying assumptions ; welfare theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The importance of ethics and fundamental value judgments in environmental economics is high-lighted by discussing the controversial concept of existence values. The social value depends crucially on the social objective, which is not necessarily self-evident, e.g., since some individuals tend to value nature intrinsically. It is shown that the motives behind willingness to pay figures matter for the social value, and the conventional view that people respond to CV questions solely in order to maximize their own utility or well-being is questioned. The importance of being explicit about value judgments is emphasized, and it is argued that environmental economics should consider non-conventional assumptions which take the social context into account to a larger degree.
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    Why Give up Money for the Baltic Sea? – Motives for People's Willingness (or Reluctance) to Pay (1998)
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    Environmental and resource economics 12 (1998), S. 249-254 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; eutrophication ; protest answers ; willingness to pay motives
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A contingent valuation survey about a reduction of the eutrophication of the Baltic Sea provided data about respondents' motives for their answers to the willingness to pay question. A categorization of the motives allowed an identification of protesters against the valuation scenario. The categorization also illustrated that a teleological ethical perspective is not shared by all respondents and that some respondents perceive human indirect use of ecosystems.
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    Prudence, Demand Uncertainty, Background Risk, and the Law of Supply: A Nonexpected Utility Approach to the Firm (1997)
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    The Geneva risk and insurance review 22 (1997), S. 21-42 
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    ISSN: 1554-9658
    Keywords: prudence ; risk aversion ; dual theory ; nonexpected utility ; background risk ; monopoly ; piecewise linear payoff function ; profits tax
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    Topics: Economics
    Notes: Abstract We identify two motives, prudence and risk aversion, which give rise to precautionary behavior for a quantity- or price-setting monopolist facing demand uncertainty who has dual theoretic preferences. We also analyze a piecewise linear profit function due to a tax on profits that varies with the profit level. We show that the comparative statics of greater risk (mean-preserving spread and mean-utility preserving spread) can be totally or partially determined by the Diamond-Stiglitz and Kihlstrom-Mirman single-crossing property. For example, for a prudent risk-averse quantity-setting dual theoretic monopolist, a mean-preserving spread will have the same impact on output under uncertainty as a fall in the state of demand under certainty. Finally, we find that, in contrast to expected utility, a stochastically larger state of demand (first-order stochastic dominance) will raise output even if background risk is present.
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    Confusion of Relative and Absolute Risk in Valuation (1997)
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    Journal of risk and uncertainty 14 (1997), S. 301-309 
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    Keywords: relative risk ; value of life ; contingent valuation
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    Topics: Economics
    Notes: Abstract Subjects were less willing to pay for government medical insurance for diseases when the number of people who could not be cured was higher, holding constant the number who could be cured. In a second experiment, willingness to pay (from a hypothetical government windfall) for risk reduction was unaffected by whether the risk was described in terms of percentage or number of lives saved, even though subjects knew that the risks in question differed in prevalence. These results are consistent with the findings of Fetherstonhaugh et al., Jenni and Loewenstein, and others. I suggest that these results can be explained in terms of a general tendency to confuse proportions and differences, a confusion that is analogous to other confusions of quantitative dimensions in children, adults, the news media, and perhaps even the epidemiological literature.
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    Marine Debris, Beach Quality, and Non-Market Values (1997)
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    Environmental and resource economics 10 (1997), S. 223-247 
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    Keywords: marine debris ; contingent valuation ; scope test
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper reports the first attempt to measure the importance of controlling marine debris as an aesthetic characteristic of beaches and coastal area. The results are based on a contingent valuation survey designed to estimate the economic value people would place on controlling marine debris on recreational beaches in New Jersey and North Carolina. A Weibull survival model was estimated treating for and against votes as defining censoring points for an unknown willingness to pay distribution. The findings suggest: (1) people do distinguish situations with differing amounts of debris when they are described using color photographs; (2) the pilot survey implies measures of people's willingness to pay (WTP) for debris control are consistent with a scope test in that larger WTP is associated with programs intended to address situations for more serious background levels of debris; and (3) local beach conditions seem to influence how people interpreted the plans describing beach conditions without the proposed control programs.
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    A Learning Design for Reducing Hypothetical Bias in the Contingent Valuation Method (1997)
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    Environmental and resource economics 10 (1997), S. 207-221 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; hypothetical bias ; experimental economics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Over the last few years a great deal of research has focussed on hypothetical bias in value estimates obtained with the contingent valuation (CV) method and on means for ameliorating if not eliminating such bias. To date, efforts to eliminate hypothetical bias have relied on calibration techniques or on word-smithing of one kind or another to induce subjects to provide responses to hypothetical questions that mimic responses made by subjects facing actual payments in the valuation experiment. This paper introduces a different approach for eliminating hypothetical bias. A design for a CV survey format is presented which provides subjects with the opportunity to “learn” how the CV institution works. Sequential referenda are conducted where respondents gain experience in CV settings by participating in both hypothetical and real referenda. The logic of this Learning Design is a straightforward application of the trials process used in experimental economics. We demonstrate that the Learning Design is effective in eliminating hypothetical bias in surveys concerning donations to two different public goods.
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    Endogenous fixprices and sticky price adjustment of risk-averse firms (1997)
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    Journal of economics 66 (1997), S. 283-305 
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    ISSN: 1617-7134
    Keywords: fixed prices ; price adjustment ; risk aversion ; menu cost ; D21 ; D81 ; D83
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A risk-averse price-setting firm which knows the quantity demanded at the status quo price but has imperfect information otherwise may choose not to change it although an otherwise identical risk-neutral firm would do so, provided the variance of the firm's subjective probability distribution over quantities demanded as a function of price displays a kink at the status quo. This is equivalent to risk aversion of order one. When no such endogenous fixprice exists, the size of price adjustment still tends to zero as risk aversion tends to infinity, and to any arbitrarily small menu cost there exists a degree of risk aversion so that the firm will not adjust.
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    The Willingness-to-Pay for the Royal Theatre in Copenhagen as a Public Good (1997)
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    Journal of cultural economics 21 (1997), S. 1-28 
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    ISSN: 1573-6997
    Keywords: contingent valuation ; willingness-to-pay taxes ; theatre ; non-market benefits of the art
    Source: Springer Online Journal Archives 1860-2000
    Topics: Art History , Economics
    Notes: Abstract In this paper some of the results of a Contingent Valuation (CV)-Study of the Royal Theatre in Copenhagen, Denmark, are presented. The estimated aggregated willingness-to-pay (WTP) for the Royal Theatre through taxes shows that the Danish population wants to pay at least as much as the theatre receives in public subsidies. The visitors comprise only about 7 per cent of the total population, but the non-users' WTP is quite substantial which is the interesting point. It means that the non-users are willing to pay an option price and that the Royal Theatre has non-use value.
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    Environmental Valuation – To Use or Not to Use? A Comparative Study of the United States and Europe (1997)
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    Environmental and resource economics 10 (1997), S. 1-26 
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    ISSN: 1573-1502
    Keywords: environmental valuation ; contingent valuation ; cost–benefit analysis
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Valuation methods have been used for five main purposes in environmental decision-making. Cost–benefit analysis (CBA) of projects, CBA of new regulations, natural resource damage assessment, environmental costing, and environmental accounting. The relatively lower importance attached to economic efficiency in environmental decision-making in most European countries compared to the U.S.A., both legally and in practice, might account for our general finding that there are very few valuation studies in Europe which have served as a decisive basis for environmental policy and regulations. However, with EU's goal to establish environmentally adjusted national accounts and to apply CBA to environmental policy and regulations, time seems ripe for an increased use of valuation techniques in Europe.
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    Current Issues in Discrete Choice Modeling (1997)
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    Marketing letters 8 (1997), S. 307-322 
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    ISSN: 1573-059X
    Keywords: discrete choice ; brand choice ; choice dynamics ; stated preference ; contingent valuation ; purchase quantity ; new products
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Until recently, computational constraints forced researchers in thediscrete choice area to limit themselves to very simple statistical models,such as the multinomial logit (MNL), in which choice probabilities could beevaluated quickly on a computer. But the MNL only makes sense as abehavioral model under very special circumstances. Recent advances incomputation make it possible to estimate richer behavioral models thatgenerate very complex choice probability expressions. This paper discusses anumber of possible avenues for future research in the discrete choice areain light of these developments.
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    Do Existence Values for Cost Benefit Analysis Exist? (1997)
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    Environmental and resource economics 9 (1997), S. 225-238 
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    ISSN: 1573-1502
    Keywords: existence values ; contingent valuation ; utility functions ; lexicographic preferences
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The use of the contingent valuation method to generate estimates of existence value for input to cost benefit analysis requires that individuals have utility functions defined over the relevant arguments. The validity of the assumption that the required utility functions generally exist has been questioned. It has been argued that some individuals will respond on the basis of lexicographic preference orderings. It has also been argued that some individuals do not consider that market, or individual willingness to pay, criteria are appropriate where existence value type issues are at stake. The paper considers survey evidence bearing upon these arguments. It is concluded that the evidence is consistent with the view that it is incorrect to proceed on the assumption that individuals generally satisfy the assumptions required for the existence of existence values for use in cost benefit analysis.
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    Do existence values for cost benefit analysis exist? (1997)
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    Environmental and resource economics 9 (1997), S. 225-238 
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    ISSN: 1573-1502
    Keywords: existence values ; contingent valuation ; utility functions ; lexicographic preferences
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The use of the contingent valuation method to generate estimates of existence value for input to cost benefit analysis requires that individuals have utility functions defined over the relevant arguments. The validity of the assumption that the required utility functions generally exist has been questioned. It has been argued that some individuals will respond on the basis of lexicographic preference orderings. It has also been argued that some individuals do not consider that market, or individual willingness to pay, criteria are appropriate where existence value type issues are at stake. The paper considers survey evidence bearing upon these arguments. It is concluded that the evidence is consistent with the view that it is incorrect to proceed on the assumption that individuals generally satisfy the assumptions required for the existence of existence values for use in cost benefit analysis.
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    Risk aversion with state-dependent preferences in the rank-dependent expected utility theory (1996)
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    The Geneva risk and insurance review 21 (1996), S. 159-177 
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    ISSN: 1554-9658
    Keywords: expected utility theory ; state-dependent preferences ; risk aversion ; non-expected utility theory ; rank-dependent probabilities
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We extend the analysis of risk aversion with state-dependent preferences to the rank-dependent expected utility theory. We find that in this extended theory, for two preference relations to be comparable in risk aversion not only do their reference sets need to coincide (a condition first introduced by Karni [1983, 1985] in the original expected utility framework), but they must also rank the prospective state-dependent outcomes in the same manner. We formalize this additional condition by introducing the concept of certainty sets. Under our condition of comparability, various results and characterizations of interpersonal comparison of risk aversion are obtained. The implications for a specific insurance problem are also discussed.
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    To be, or not to be, that is the question: An empirical study of the WTP for an increased life expectancy at an advanced age (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 163-174 
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    ISSN: 1573-0476
    Keywords: expected length of life ; time preference ; contingent valuation ; willingness to pay ; J17
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study reports an attempt to measure the value of an increased survival probability at advanced ages. It turns out that the average willingness to pay for a program which would increase the expected length of life by one year, conditional on having survived to the age of 75 years, is lower than $1,500. The willingness to pay increases with a person's age, but at a low and seemingly constant rate (1–4 percent per year).
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    The pain of road-accident victims and the bereavement of their relatives: A contingent-valuation experiment (1996)
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    Journal of risk and uncertainty 13 (1996), S. 277-291 
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    ISSN: 1573-0476
    Keywords: contingent valuation ; road accident ; human costs ; victims and relatives ; D61—Allocative Efficiency ; Cost-Benefit Analysis ; I12—Mortality, Morbidity ; Disability, J17—Value of Life ; J28—Safety, Accidents
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The accurate description of the contingent market is a necessary condition for eliciting willingness-to-pay values. So far, however, the contingent market for a reduction in the risk of being the victim of a road accident has only been broadly specified. This Swiss experiment attempts to define the good to be purchased by respondents with greater precision. It concentrates on the human costs of road accidents, i.e., pain, suffering, and bereavement. Respondents were asked to consider themselves either as potential victims of a road accident or as relatives of potential victims and to state their willingness to pay to reduce the likelihood of such an accident occurring.
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    Nonresponse in Contingent Valuation-reducing uncertainty in value inference (1996)
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    Environmental and resource economics 8 (1996), S. 119-124 
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    ISSN: 1573-1502
    Keywords: nonresponse ; value inference ; contingent valuation ; follow-up surveys
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper focuses on problems associated with nonresponse in Contingent Valuation surveys. The results from a telephone follow-up survey show that value inference can be considerably improved by information on nonrespondents' attitudes.
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    URL: http://dx.doi.org/10.1007/BF00340656
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    Futures markets, price stabilization and efficient exploitation of exhaustible resources (1996)
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    Environmental and resource economics 8 (1996), S. 351-366 
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    ISSN: 1573-1502
    Keywords: efficiency ; futures markets ; natural resource management ; price stabilisation ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Markets for natural resource futures contracts and cash forward contracts experience a rapid growth. According to theory, this should result in more efficient resource depletion, implying that price formation is more consistent with Hotelling's rule. The rationale of this stabilization effect is briefly discussed. Next, we analyze the impact of expanding futures markets on the behaviour of individual resource owners trading on the cash market. Using a simple pulse extraction model, we demonstrate that the expected time of depletion can shift to the present or the future, and that utility of exploitation can go up or down, as market prices are stabilized.
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    URL: http://dx.doi.org/10.1007/BF00339082
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    Ordering effects in contingent valuation surveys (1996)
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    Environmental and resource economics 8 (1996), S. 485-499 
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    ISSN: 1573-1502
    Keywords: contingent valuation ; ordering effects ; air pollution ; health damage
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper focuses on ordering effects in CVM surveys; how the expressed value of a particular good valued in a sequence of several goods depends on where in the sequence the good is valued. We use data from a Norwegian CVM survey focusing on WTP for a 50% reduction in air pollution from car traffic to test for the existence of ordering effects and to apply a test for internal consistency. We found considerable and significant ordering effects in our data, but were not able to reject the hypothesis of internal consistency. Based on our survey, we argue that ordering effects may be a result of rational choice. These effects are problematic if a sequential valuation procedure is applied to a simultaneous problem, and/or the respondents are given imperfect information about the decision problem.
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    URL: http://dx.doi.org/10.1007/BF00357416
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    CVP under uncertainty and the manager's utility function (1996)
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    Review of quantitative finance and accounting 6 (1996), S. 133-147 
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    ISSN: 1573-7179
    Keywords: cost-volume-profit analysis ; uncertainty ; risk aversion ; fixed cost effect
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Cost-volume-profit analysis has focused on the firm's short-run output decision assuming that the manager maximizes the firm's objective function rather than his or her own. This study argues that the decision problem facing the manager is to determine not only the level of output, but also the level of investment in risky assets in such a way that the expected utility of the manager's own end-of-period wealth can be maximized when the manager's wealth function is dependent on vested interests both within and outside of the firm, possibly in competition with the firm. Through analytical work, it is demonstrated that a change in fixed costs of the firm affects not only the production decision of a manager, but also his orher decision to invest in risky assets. The direction of this fixed cost effect depends on the particular type of risk aversion displayed by the manager. From the analytical work, five propositions are developed for empirical investigation in the future.
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    URL: http://dx.doi.org/10.1007/BF00367499
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    Development of a Fuzzy optimization model, supporting global warming decision-making (1996)
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    Environmental and resource economics 7 (1996), S. 163-192 
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    ISSN: 1573-1502
    Keywords: Decision-making ; climate policy-making ; global warming ; cost-effectiveness analysis ; modelling ; fuzzy logic ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract An increasing number of models have been developed to support global warming response policies. The model constructors are facing a lot of uncertainties which limit the evidence of these models. The support of climate policy decision-making is only possible in a semi-quantitative way, as presented by aFuzzy model. The model design is based on an optimization approach, integrated in a bounded risk decision-making framework. Given some regional emission-related and impact-related restrictions, optimal emission paths can be calculated. The focus is not only on carbon dioxide but on other greenhouse gases too. In the paper, the components of the model will be described. Cost coefficients, emission boundaries and impact boundaries are represented asFuzzy parameters. TheFuzzy model will be transformed into a computational one by using an approach of Rommelfanger. In the second part, some problems of applying the model to computations will be discussed. This includes discussions on the data situation and the presentation, as well as interpretation of results of sensitivity analyses. The advantage of theFuzzy approach is that the requirements regarding data precision are not so strong. Hence, the effort for data acquisition can be reduced and computations can be started earlier.
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    URL: http://dx.doi.org/10.1007/BF00699290
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    Risk-aversion concepts in expected- and non-expected-utility models (1995)
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    The Geneva risk and insurance review 20 (1995), S. 73-91 
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    ISSN: 1554-9658
    Keywords: increasing risk ; risk aversion ; non-expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The non-expected-utility theories of decision under risk have favored the appearance of new notions of increasing risk like monotone increasing risk (based on the notion of comonotonic random variables) or new notions of risk aversion like aversion to monotone increasing risk, in better agreement with these new theories. After a survey of all the possible notions of increasing risk and of risk aversion and their intrinsic definitions, we show that contrary to expected-utility theory where all the notions of risk aversion have the same characterization (u concave), in the framework of rank-dependent expected utility (one of the most well known of the non-expectedutility models), the characterizations of all these notions of risk aversion are different. Moreover, we show that, even in the expected-utility framework, the new notion of monotone increasing risk can give better answers to some problems of comparative statics such as in portfolio choice or in partial insurance. This new notion also can suggest more intuitive approaches to inequalities measurement.
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    URL: http://dx.doi.org/10.1007/BF01098959
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    Beneficial changes in random variables via copulas: An application to insurance (1995)
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    The Geneva risk and insurance review 20 (1995), S. 191-202 
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    ISSN: 1554-9658
    Keywords: demand for insurance ; risk aversion ; first-degree and second-degree stochastic dominance shifts ; copula
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A risk-averse agent does not necessarily decrease the optimal insurance whenever a beneficial change in the distribution of final wealth occurs. This paper provides sufficient conditions to guarantee such a decrease. Beneficial changes can be induced by either a beneficial loss-distribution shift, by a modification of the dependence structure between the randomness sources, or by both of these. Conditions for each case are stated. Hadar-Seo and Meyer results turn out as special cases.
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    The measurement and decomposition of nonuse values: A critical review (1995)
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    Environmental and resource economics 5 (1995), S. 225-247 
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    ISSN: 1573-1502
    Keywords: Nonuse value ; use value ; existence value ; contingent valuation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract We critically review the literature that claims that existence values, or nonuse values in general, are a large and measurable component of total value for certain environmental resources. Our concern is not with the question “do nonuse values exist?” For some individuals they surely do. Rather, our concern is with two interrelated questions: are there operationally meaningful theorems which might lead to the specific measurement of nonuse values, and do we in fact have a body of credible evidence which shows that nonuse values, particularly components of any nonuse value, are “large”? We find nothing in the way of operationally meaningful hypotheses which would permit the estimation of values attributable to specific motives of individuals. We find no credible basis for claims related to either the measurement of existence and other motive-related values or claims for the “large” relative size of such values. In short, we question the conventional wisdom that such values are measurable and that they are significant as a component of total value.
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    Problems in valuing the benefits of biodiversity protection (1995)
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    Environmental and resource economics 5 (1995), S. 249-272 
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    ISSN: 1573-1502
    Keywords: Biodiversity ; information ; lexicographic preferences ; contingent valuation ; cost-benefit analysis
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper considers two problems in valuing the benefits of biodiversity protection. These are, firstly, that preferences for biodiversity protection may be lexicographic rather than utilitarian. The more individuals for whom this is true, the less is cost-benefit analysis validated as a means of decision making for biodiversity protection, since lexicographic preferences are incompatible with the Kaldor-Hicks Compensation Test. Secondly, people may be poorly informed about the meaning of biodiversity, complicating the use of contingent valuation as a means of measuring preservation benefits. This paper first discusses the meaning of biodiversity, and trends in diversity over time. We offer some empirical evidence with regard to lexicographic preferences; consider the implications of having poorly-informed consumers; and then report the results of a contingent valuation study of biodiversity protection with varying levels of information. We find that willingness to pay for biodiversity protection increases with the level of information provided.
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    URL: http://dx.doi.org/10.1007/BF00691519
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    The role of risk aversion in the capital asset pricing model (1994)
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    OR spectrum 16 (1994), S. 169-173 
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    ISSN: 1436-6304
    Keywords: Capital asset pricing model ; risk aversion ; mean-variance aversion ; variance aversion ; Capital Asset Pricing Model ; Risikoaversion ; Mittelwert-Varianz-Aversion ; Varianzaversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Zwei Beweise der CAPM-Gleichung werden wiedergegeben und einander gegenübergestellt, wobei jeder eine andere Form von Risikoaversion voraussetzt. Der Beweis, der die schwächere Form von Risikoaversion benutzt, ist verwickelter, stellt aber die Gültigkeit der CAPM-Gleichung auf eine allgemeinere Grundlage. Die Beziehungen zwischen den verschiedenen Formen von Risikoaversion werden diskutiert.
    Notes: Abstract Two proofs of the CAPM equation each using a different form of risk aversion are recapitulated and confronted with each other. The proof using a weaker form of risk aversion is more involved but conveys greater generality to the validity of the CAPM equation. The relations existing between the various forms of risk aversion are discussed.
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    Modeling attitudes towards uncertainty and risk through the use of choquet integral (1994)
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    Annals of operations research 52 (1994), S. 1-20 
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    ISSN: 1572-9338
    Keywords: Choquet expected utility ; uncertainty aversion ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The aim of this paper is to present in a unified framework a survey of some results related to Choquet Expected Utility (CEU) models, a promising class of models introduced separately by Quiggin [35], Yaari [48] and Schmeidler [40, 41] which allow to separate attitudes towards uncertainty (or risk) from attitudes towards wealth, while respecting the first order stochastic dominance axiom.
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    The preservation of multivariate comparative statics in nonexpected utility theory (1994)
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    Journal of risk and uncertainty 9 (1994), S. 257-272 
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    ISSN: 1573-0476
    Keywords: expected utility ; nonexpected utility ; risk aversion ; comparative statics ; multivariate risk ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article investigates the preservation of multivariate expected utility comparative statics for “smooth” nonexpected utility representations. Specifically, we answer the following question: if an expected utility comparative statics property depends only on preferences over sure prospects, then when will a nonexpected utility maximizer with identical sure preferences also satisfy that property? We demonstrate that the effects of increased risk aversion are preserved under the “Almost Degenerate Independence” axiom, but that those of distribution changes of exogenous risks are not preserved under stringent assumptions. Hence, nonexpected utility comparative statics may diverge from expected utility, even for “first-order” properties—those whose effect is determinable from restrictions on “local” utility functions.
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    Determinants of stated willingness to pay for public goods: A study in the headline method (1994)
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    Journal of risk and uncertainty 9 (1994), S. 5-37 
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    ISSN: 1573-0476
    Keywords: contingent valuation ; willingness-to-pay ; preference reversals
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Respondents were shown brief statements (“headlines”) referring to various threats to the environment or to public health, and other public issues. An intervention to deal with each problem was also introduced by a single sentence. Some respondents were asked to indicate their willingness to pay for the interventions by voluntary contributions. Others indicated their opinion of the intervention on a conventional rating scale, rated the personal satisfaction of contributing to it, or rated the importance of the problem. Group averages of these response measures were obtained for a large set of issues. Computed over issues, the rank-order correlations between the different measures were very high, suggesting that group averages of WTP and of other opinion statements are measures of the same public attitudes. Observed preference reversals and violations of monotonicity in contributions are better explained by a concept of attitude than by the notion of economic value that underlies the contingent valuation method. Contributions and purchases do not follow the same logic. Possible implications for the contingent valuation method are discussed.
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    Imprecise preferences and the WTP-WTA disparity (1994)
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    Journal of risk and uncertainty 9 (1994), S. 115-133 
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    ISSN: 1573-0476
    Keywords: safety ; contingent valuation ; imprecise preferences ; reference points
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article reports the results of a study designed to elicit willingness to pay (WTP) and willingness to accept (WTA) values for changes in the risk of nonfatal road injuries. We examine the possibility that individuals' preferences over combinations of wealth, risk, and safety are imprecise, and that this imprecision might result in the observed disparity between WTP and WTA measures of value. The results confirm that individuals' preferences for safety are significantly imprecise, but that this alone is insufficient to explain more than part of the disparity. Indeed, respondents' estimates of the minimum that they would be prepared to accept for a risk increase frequently exceed the maximum that they would be prepared to pay for an equivalent risk reduction.
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    Risk seeking with diminishing marginal utility in a non-expected utility model (1994)
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    Journal of risk and uncertainty 9 (1994), S. 77-91 
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    ISSN: 1573-0476
    Keywords: non-expected utility ; risk aversion ; marginal utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The present work takes place in the framework of a non-expected utility model under risk: the RDEU theory (Rank Dependent Expected Utility, first initiated by Quiggin under the denomination of Anticipated Utility), where the decision maker's behavior is characterized by two functionsu andf. Our first result gives a condition under which the functionu characterizes the decision maker's attitude towards wealth. Then, defining a decision maker as risk averter (respectively risk seeker) when he always prefers to any random variable its expected value (weak definition of risk aversion), the second result states that a decision maker who has an increasing marginal utility of wealth (a convex functionu) can be risk averse, if his functionf is“sufficiently below” his functionu, hence if he is sufficiently“pessimistic.” Obviously, he can also be risk seeking with a diminishing marginal utility of wealth. This result is noteworthy because with a stronger definition of risk aversion/risk seeking, based on mean-preserving spreads, Chew, Karni, and Safra have shown that the only way to be risk averse (in their sense) in RDEU theory is to have, simultaneously, a concave functionu and a convex functionf.
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    Order and price in a sequential auction (1994)
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    The journal of real estate finance and economics 8 (1994), S. 259-266 
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    ISSN: 1573-045X
    Keywords: auction sequence ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A sequential auction of commercial properties produced evidence that bid timing matters. Prices declined as the auction proceeded, an outcome consistent with expectations when bidders are either risk averse or quantity constrained.
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    Separating marginal utility and probabilistic risk aversion (1994)
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    Theory and decision 36 (1994), S. 1-44 
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    ISSN: 1573-7187
    Keywords: Rank-dependent utility ; risk aversion ; diminishing marginal utility ; strength of preference ; orderings of tradeoffs
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This paper is motivated by the search for one cardinal utility for decisions under risk, welfare evaluations, and other contexts. This cardinal utility should have meaningprior to risk, with risk depending on cardinal utility, not the other way around. The rank-dependent utility model can reconcile such a view on utility with the position that risk attitude consists of more than marginal utility, by providing a separate risk component: a ‘probabilistic risk attitude’ towards probability mixtures of lotteries, modeled through a transformation for cumulative probabilities. While this separation of risk attitude into two independent components is the characteristic feature of rank-dependent utility, it had not yet been axiomatized. Doing that is the purpose of this paper. Therefore, in the second part, the paper extends Yaari's axiomatization to nonlinear utility, and provides separate axiomatizations for increasing/decreasing marginal utility and for optimistic/pessimistic probability transformations. This is generalized to interpersonal comparability. It is also shown that two elementary and often-discussed properties — quasi-convexity (‘aversion’) of preferences with respect to probability mixtures, and convexity (‘pessimism’) of the probability transformation — are equivalent.
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    Mean-risk analysis of risk aversion and wealth effects on optimal portfolios with multiple investment opportunities (1993)
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    Annals of operations research 45 (1993), S. 147-163 
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    ISSN: 1572-9338
    Keywords: Portfolio theory ; risk aversion ; utility function ; diversification
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract In this paper, we first define risk in an axiomatic way and a class of utility functions suitable for the so-called mean-risk analysis. Then, we show that, in a portfolio selection problem with multiple risky investments, an investor who is more risk averse in the Arrow-Pratt sense prefers less risk, in the sense of this paper, with less mean return, and an investor who displays increasing (decreasing) relative risk aversion becomes more conservative (aggressive) as the initial capital increases. The risk aversion effect for diversification on optimal portfolios is also discussed.
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    Embedding effects: Stimulus representation and response mode (1993)
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    Journal of risk and uncertainty 6 (1993), S. 211-234 
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    ISSN: 1573-0476
    Keywords: values ; contingent valuation ; environmental goods ; elicitation ; embedding
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Thecontingent valuation (CV) methodology assigns prices to environmental amenities by asking people how much they would be willing to pay in order to preserve or acquire those amenities. If this measurement procedure is valid, then responses should be sensitive to relevant changes in the amenities being judged and insensitive to irrelevant changes. One apparent demonstration of inappropriate insensitivity is theembedding effect: the observation that people are apparently willing to pay the same amount of money for a good as for a minor subset of that good. This study examined the possibility that the source of this effect lies with each of two (potentially treatable) methodological problems: 1) subjects have difficulty using quantitative (dollar) response modes to express their values; and 2) subjects have difficulty absorbing the essential details of the CV scenarios describing those goods. The study found that 1) subjects showed considerable embedding both with a simple paired-comparison response mode and with a more demanding one requiring direct dollar estimates; 2) embedding was much reduced with the simpler response mode; 3) subjects' preferences with the two response modes were usually inconsistent; 4) when asked to describe the CV scenario that they had just heard, subjects often reported key task details inaccurately; and 5) there was less embedding when tasks were reinterpreted in terms of the questions subjects reported having answered (as opposed to what had actually been asked). These results are discussed in terms of the match between the questions that investigators would like to ask and the ones that subjects are capable of answering.
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    Valuing environmental resources: A constructive approach (1993)
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    Journal of risk and uncertainty 7 (1993), S. 177-197 
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    ISSN: 1573-0476
    Keywords: preferences ; contingent valuation ; decision making ; environmental values
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The use of contingent valuation (CV) methods for estimating the economic value of environmental improvements and damages has increased significantly. However, doubts exist regarding the validity of the usual willingness to pay CV methods. In this article, we examine the CV approach in light of recent findings from behavioral decision research regarding the constructive nature of human preferences. We argue that a principal source of problems with conventional CV methods is that they impose unrealistic cognitive demands upon respondents. We propose a new CV approach, based on the value-structuring capabilities of multiattribute utility theory and decision analysis, and discuss its advantages and disadvantages.
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    URL: http://dx.doi.org/10.1007/BF01065813
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    An axiomatization of cumulative prospect theory (1993)
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    Journal of risk and uncertainty 7 (1993), S. 147-175 
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    ISSN: 1573-0476
    Keywords: prospect theory ; rank-dependence ; sign-dependence ; comonotonicity ; risk aversion ; diminishing marginal utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper presents a method for axiomatizing a variety of models for decision making under uncertainty, including Expected Utility and Cumulative Prospect Theory. This method identifies, for each model, the situations that permit consistent inferences about the ordering of value differences. Examples of rankdependent and sign-dependent preference patterns are used to motivate the models and the “tradeoff consistency” axioms that characterize them. The major properties of the value function in Cumulative Prospect Theory—diminishing sensitivity and loss aversion—are contrasted with the principle of diminishing marginal utility that is commonly assumed in Expected Utility.
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    Preference reversals and the measurement of environmental values (1993)
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    Journal of risk and uncertainty 6 (1993), S. 5-18 
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    ISSN: 1573-0476
    Keywords: preference reversals ; environmental values ; compatibility effect ; prominence effect ; contingent valuation ; willingness to pay
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Numerous studies have demonstrated that theoretically equivalent measures of preference, such as choices and prices, can lead to systematically different preference orderings, known as preference reversals. Two major causes of preference reversals are the compatibility effect and the prominence effect. The present studies demonstrate that the combined effects of prominence and compatibility lead to predictable preference reversals in settings where improvements in air quality are compared with improvements in consumer commodities by two methods-willingness to pay for each improvement and choice (For which of the two improvements would you pay more? Which improvement is more valuable to you?). Willingness to pay leads to relatively greater preference for improved commodities; choice leads to relatively greater preference for improved air quality. These results extend the domain of preference reversals and pose a challenge to traditional theories of preference. At the applied level, these findings indicate the need to develop new methods for valuing environmental resources.
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    A test of generalized expected utility theory (1993)
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    Theory and decision 35 (1993), S. 75-106 
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    ISSN: 1573-7187
    Keywords: Expected utility ; risk aversion ; Allais paradox ; fanning-out
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract In two experiments we test Machina's Hypothesis II (fanning-out). In each experiment we analyze patterns of responses to hypothetical lottery choice questions within a Marschak-Machina triangle. One set of questions involves lotteries on the border of the triangle, an the other set of questions involves lotteries in the interior of the triangle (off the border). Our results show that a large proportion of the observed patterns in the on-border treatment support Hypothesis II, with a considerable amount of fanning-out behavior observed. The patterns observed in the off-border treatment are significantly different from those in the on-border treatment. Hypothesis II performs well in the off-border treatment because expected utility theory itself, which satisfies the restrictions of Hypothesis II, performs well.
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    URL: http://dx.doi.org/10.1007/BF01075236
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    Reference points, loss aversion, and contingent values for auto safety (1992)
    Springer
    Journal of risk and uncertainty 5 (1992), S. 187-200 
    Details
    ISSN: 1573-0476
    Keywords: contingent valuation ; reference points ; automobile safety ; prospect theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article is concerned with the possible role of reference points and loss aversion (as suggested by prospect theory) in subjects' judgments about the value of increments and decrements in automobile safety. The contingent valuation method is employed in two experiments, both of which consider subjects' willingness-to-pay (WTP) for increased safety and compensation demanded (CD) for decreased safety in hypothetical new vehicle purchases. The results establish that disparities exist in subjects' WTP and CD values for the same increment of auto safety, even for a close-to-market context such as hypothetical new vehicle purchases. The results also indicate that evaluations can be manipulated by changing the perception of the reference point: losses can be recast as forgone gains and forgone gains as losses, altering (or even eliminating) differences between WTP and CD values.
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    URL: http://dx.doi.org/10.1007/BF00057571
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    Altruism in cost-benefit analysis (1992)
    Springer
    Environmental and resource economics 2 (1992), S. 605-613 
    Details
    ISSN: 1573-1502
    Keywords: Altruism ; contingent valuation ; cost-benefit analysis
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract It has recently been argued that altruistic motives for paying for a public sector project should be ignored in a cost-benefit analysis. The reason is that including altruism would mean a kind of double counting of the project's benefits. This paper takes a look at these arguments, and derives cost-benefit rules which cover different kinds of altruism. The paper also provides some recommendations for the treatment of altruism in studies using the contingent valuation method.
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    URL: http://dx.doi.org/10.1007/BF00330286
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    Extended contractual incentives to reduce project cost (1991)
    Springer
    OR spectrum 13 (1991), S. 95-98 
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    ISSN: 1436-6304
    Keywords: Extended incentive contracts ; project costs ; agency theory ; design functions ; target costs ; risk aversion ; Erweiterte Anreizverträge ; Projektkosten ; Prinzipal-Agent-Theorie ; Design-Funktionen ; Zielkosten ; Risikoaversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Einfache Anreizverträge zur Kostenreduktion sind durch drei Design-Parameter (Zielkosten, Zielprofit, Kostenteilungsparameter) gekennzeichnet. Bei erweiterten Anreizverträgen treten an die Stelle der Design-Parameter zwei Funktionen der vom Auftragnehmer selbst festzulegenden Zielkosten. Diese (vom Auftraggeber geeignet vorzugebenden) Funktionen reduzieren bei zu hohen Zielkosten automatisch den Zielprofit als auch etwaige durch Kostenunterschreitungen resultierende Zusatzgewinne. Hauptaugenmerk gilt einer Klasse von erweiterten Anreizverträgen, die bei risikoneutralen Auftragnehmern die wahrheitsgemäße Angabe der erwarteten Kosten erzwingt. Es wird gezeigt, daß es für risikoaverse Auftragnehmer generell im eigenen Interesse liegt, die Zielkosten höher als die erwarteten Kosten anzusetzen.
    Notes: Summary Extended incentive contracts allow the contractor to select target cost at his own discretion. Two suitably devised design functions ensure that the assessment of excessive target cost automatically reduces both target profit and possible gains from cost underruns. It is shown that extended incentive contracts stimulating risk neutral contractors to reveal their cost expectation truthfully induce risk averse contractors to assess the target cost far higher than expected cost.
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    URL: http://dx.doi.org/10.1007/BF01719933
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    A recourse certainty equivalent for decisions under uncertainty (1991)
    Springer
    Annals of operations research 30 (1991), S. 1-44 
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    ISSN: 1572-9338
    Keywords: Stochastic optimization with recourse ; decision-making under uncertainty ; expected utility ; certainty equivalents ; the Allais paradox and other decision theoretic paradoxes ; risk aversion ; production under price uncertainty ; investment in risky and safe assets ; insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract We propose a new criterion fordecision-making under uncertainty. The criterion is based on acertainty equivalent (CE) of a (monetary valued) random variable Z, $$S_\upsilon (Z) = \mathop {\sup }\limits_z \{ z + E_Z \upsilon (Z - z)\} ,$$ wherev(·) is the decision maker'svalue-risk function. This CE is derived from considerations ofstochastic optimization with recourse, and is calledrecourse certainty equivalent (RCE). We study (i) the properties of the RCE, (ii) the recoverability ofv(·) fromS v (·) (in terms of the rate of change in risk), (iii) comparison with the “classical CE”u −1 Eu(·) inexpected utility (EU) theory, (iv) relation to risk-aversion, (v) connection with Machina'sgeneralized expected utility theory, and its use to explain theAllais paradox and other decision theoretic paradoxes, and (vi) applications to models ofproduction under price uncertainty, investment in risky and safe assets andinsurance. In these models the RCE gives intuitively appealing answers forall risk-averse decision makers, unlike the EU model which gives only partial answers, and requires, in addition to risk-aversion, also assumptions on the so-calledArrow-Pratt indices.
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    URL: http://dx.doi.org/10.1007/BF02204807
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    Portfolio theory for the recourse certainty equivalent maximizing investor (1991)
    Springer
    Annals of operations research 31 (1991), S. 479-499 
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    ISSN: 1572-9338
    Keywords: Portfolio selection ; expected utility ; risk aversion ; recourse certainty equivalent ; duality in convex programming
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The portfolio selection problem with one safe andn risky assets is analyzed via a new decision theoretic criterion based on the Recourse Certainty Equivalent (RCE). Fundamental results in portfolio theory, previously studied under the Expected Utility criterion (EU), such as separation theorems, comparative static analysis, and threshold values for inclusion or exclusion of risky assets in the optimal portfolio, are obtained here. In contrast to the EU model, our results for the RCE maximizing investor do not impose restrictions on either the utility function or the underlying probability laws. We also derive a dual portfolio selection problem and provide it with a concrete economic interpretation.
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    URL: http://dx.doi.org/10.1007/BF02204865
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    Measures of risk aversion with expected and nonexpected utility (1991)
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    Journal of risk and uncertainty 4 (1991), S. 271-283 
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    ISSN: 1573-0476
    Keywords: risk aversion ; expected and nonexpected utility ; measure of risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In the expected utility case, the risk-aversion measure is given by the Arrow-Pratt index. Three proposals of a risk-aversion measure for the nonexpected utility case are examined. The first one sets “the second derivative of the acceptance frontier as a measure of local risk aversion.” The second one takes into account the concavity in the consequences of the partial derivatives of the preference function with respect to probabilities. The third one measures risk aversion through the ratio between the risk premium and the standard deviation of the lottery. The third proposal catches the main feature of risk aversion, while the other two proposals are not always in accordance with the same crude definition of risk aversion, by which there is risk aversion when an agent prefers to get the expected value of a lottery rather than to participate in it.
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    URL: http://dx.doi.org/10.1007/BF00114157
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    Paying to improve your chances: Gambling or insurance? (1991)
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    Journal of risk and uncertainty 4 (1991), S. 329-338 
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    ISSN: 1573-0476
    Keywords: gambling ; insurance ; risk ; risk aversion ; probability shifting ; utility theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Will a more risk-averse individual spend more or less to improve probabilities, say on marketing efforts that enhance the chance of a sale? For any two payoffs and starting probabilities, the answer is unfortunately indeterminate. However, interpreting gambling as increasing small chances of good outcomes and insurance as reducing small chances of bad outcomes, the more risk-averse individual will pay less (more) to gamble (insure). We find a critical switching probability that depends on the individuals and outcomes involved. If the good outcome is less (more) likely than this critical value, the expenditures represent gambling (insurance).
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    URL: http://dx.doi.org/10.1007/BF00056159
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    The role of risk preferences in bargaining when acceptance of a proposal requires less than unanimous approval (1990)
    Springer
    Journal of risk and uncertainty 3 (1990), S. 135-154 
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    ISSN: 1573-0476
    Keywords: bargaining ; risk aversion ; nonunanimity voting rules ; alternating offer model
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The role of risk preferences in determining the outcome to bargaining is examined for the case in which acceptance of a proposal requires less than unanimous approval. Using an n-agent extension of the Ståhl-Rubinstein alternating offer model, we find that risk preferences play a fundamentally different role when bargaining is settled using a nonunanimity voting rule. Risk preferences determine not only an agent's reservation price but also the likelihood that he is made part of the winning coalition. An implication of this analysis is that when the preferences of the agents are not too diverse, it is advantageous for an agent to be relatively risk-averse.
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    URL: http://dx.doi.org/10.1007/BF00056369
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    The logic of partial-risk aversion: Paradox lost (1990)
    Springer
    Journal of risk and uncertainty 3 (1990), S. 105-113 
    Details
    ISSN: 1573-0476
    Keywords: Partial-risk aversion ; preference reversals ; portfolio analysis ; risk aversion ; comparative statics ; heteroskedastic risks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract One rational individual may be willing to pay less than another to insure a risk % MathType!MTEF!2!1!+-% feaafeart1ev1aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn% hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr% 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq-Jc9% vqaqpepm0xbba9pwe9Q8fs0-yqaqpepae9pg0FirpepeKkFr0xfr-x% fr-xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWefv3ySLgznf% gDOfdaryqr1ngBPrginfgDObYtUvgaiuaacuWF1oG8gaacaaaa!41B4!\[\tilde \varepsilon \] when another risk % MathType!MTEF!2!1!+-% feaafeart1ev1aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn% hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr% 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq-Jc9% vqaqpepm0xbba9pwe9Q8fs0-yqaqpepae9pg0FirpepeKkFr0xfr-x% fr-xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGabm4Dayaaia% aaaa!36F7!\[\tilde w\] is present even though he would pay more to insure any isolated risk, and even though % MathType!MTEF!2!1!+-% feaafeart1ev1aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn% hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr% 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq-Jc9% vqaqpepm0xbba9pwe9Q8fs0-yqaqpepae9pg0FirpepeKkFr0xfr-x% fr-xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamyraiGacI% cadaabcaqaamrr1ngBPrwtHrhAXaqeguuDJXwAKbstHrhAG8KBLbac% faGaf8xTdiVbaGaaaiaawIa7aiqadEhagaacaiGacMcaciGG9aGaai% imaaaa!47F3!\[E(\left. {\tilde \varepsilon } \right|\tilde w) = 0\] for all w. Noticing this, Ross (1981) proposed excluding such reversals and gave equivalent analytical conditions. Reconsidering, we explain why some reversals are natural and show that prohibiting them has peculiar and undesirable properties. Although we also simplify the conditions and prove them necessary for partial-risk portfolio results, we conclude that they represent revealing restrictions on comparative statics rather than natural implications of increased aversion to risk.
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    URL: http://dx.doi.org/10.1007/BF00056367
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    On the definition of risk aversion (1990)
    Springer
    Theory and decision 29 (1990), S. 53-68 
    Details
    ISSN: 1573-7187
    Keywords: risk aversion ; risk premium ; mean preserving spreads ; expected and non-expected utility models
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract Two definitions of risk aversion have recently been proposed for non-expected utility theories of choice under uncertainty: the former refers the measure of risk aversion (Montesano 1985, 1986 and 1988) directly to the risk premium (i.e. to the difference between the expected value of the action under consideration and its certainty equivalent); the latter defines risk aversion as a decreasing preference for an increasing risk (introduced as mean preserving spreads) (Chew, Karni and Safra 1987, Machina 1987, Röell 1987, Yaari 1987). When the von Neumann-Morgenstern utility function exists both these definitions indicate an agent as a risk averter if his or her utility function is concave. Consequently, the two definitions are equivalent. However, they are no longer equivalent when the von Neumann-Morgenstern utility function does not exist and a non-expected utility theory is assumed. Examples can be given which show how the risk aversion of the one definition can coexist with the risk attraction of the other. Indeed the two definitions consider two different questions: the risk premium definition specifically concerns risk aversion, while the mean preserving spreads definition concerns the increasing (with risk) risk aversion. The mean preserving spreads definition of risk aversion, i.e. the increasing (with risk) risk aversion, requires a special kind of concavity for the preference function (that the derivatives with respect to probabilities are concave in the respective consequences). The risk premium definition of local risk aversion requires that the probability distribution dominates on the average the distribution of the derivatives of the preference function with respect to consequences. Besides, when the local measure of the first order is zero, there is risk aversion according to the measure of the second order if the preference function is concave with respect to consequences. Yaari's (1969) measure of risk aversion is closely linked to the r.p. measure of the second order. Its sign does not indicate risk aversion (if positive) or attraction (if negative) when the measure of the first order is not zero (i.e., in Yaari's language, when subjective odds differ from the market odds).
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    URL: http://dx.doi.org/10.1007/BF00134104
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    Risk aversion and the relationship between Nash's solution and subgame perfect equilibrium of sequential bargaining (1989)
    Springer
    Journal of risk and uncertainty 2 (1989), S. 353-365 
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    ISSN: 1573-0476
    Keywords: bargaining ; axiomatic models ; strategic models ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article presents some new, intuitive derivations of several results in the bargaining literature. These new derivations clarify the relationships among these results and allow them to be understood in a unified way. These results concern the way in which the risk posture of the bargainers affects the outcome of bargaining as predicted by Nash's (axiomatic) solution of a static bargaining model (Nash, 1950) and by the subgame perfect equilibrium of the infinite horizon sequential bargaining game analyzed by Rubinstein (1982). The analogous, experimentally testable predictions for finite horizon sequential bargaining games are also presented.
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    URL: http://dx.doi.org/10.1007/BF00356861
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    The impact of risk sharing on efficient decision (1989)
    Springer
    Journal of risk and uncertainty 2 (1989), S. 219-234 
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    ISSN: 1573-0476
    Keywords: risk aversion ; group decision ; syndicate ; risk sharing ; utility ; lotteries
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A group of risk-averse members must choose among monetary risks and payoff-sharing rules. Departure from the status quo requires unanimous consent. Such groups drill for oil, bail out nations, and make hostile takeover bids. Assume agreement on probabilities. As is well known, if all members have identically shaped HARA utility functions, efficient group act-choices follow another such function independently of payoff sharing. We show that all other groups inevitably have complex efficient behavior, accepting gambles among individually unacceptable lotteries in almost every status quo position. We also develop proper risk aversion for groups, and treat disagreement on probabilities.
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    URL: http://dx.doi.org/10.1007/BF00209388
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    Endogenous risks and the risk premium (1989)
    Springer
    Theory and decision 26 (1989), S. 37-46 
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    ISSN: 1573-7187
    Keywords: endogenous risk ; risk aversion ; risk premium
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This note tries to correct a deficiency of the microeconomic literature on decision making under uncertainty. Indeed, when considering meaningful comparative statics results in situations where risks are at least partially controllable (endogenous), this literature has mostly relied upon the traditional Arrow-Pratt risk aversion functions and has paid very little attention to the definition of the risk premium. However when they defined the risk premium and the risk aversion functions, Arrow and Pratt considered only roulette gambles, i.e. risks totally exogenous to the individual. This note highlights the fact that several definitions of the risk premium may be proposed for endogenous risks. Two of them, already used in the literature, do not preserve the intuitively-appealing properties of the Arrow-Pratt risk premium. An alternative definition is then proposed. It is shown that this new definition of the risk premium applied to endogenous risks exhibits the properties generally admitted for roulette gambles.
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    URL: http://dx.doi.org/10.1007/BF00134055
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    Measuring values: A conceptual framework for interpreting transactions with special reference to contingent valuation of visibility (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 147-184 
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    ISSN: 1573-0476
    Keywords: contingent valuation ; value measurement ; transactions ; atmospheric visibility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract People express their value for a good when they pay something for it. Interpretinggood andpayment very broadly, we offer a general analytical framework for characterizing such transactions. This framework is suitable for interpreting actual transactions as well as for creating hypothetical transactions for research purposes. It is described here both in general terms and with special application to one particular kind of transaction, contingent valuation studies in which individuals estimate the value of possible changes in atmospheric visibility. In these transactions, as in many others, risk (of undesired changes in visibility) is one principal feature; at least some uncertainty often surrounds other transaction features as well (For example: How much will visibility really change if I promise to pay for it? Will I really have to pay?). The framework presented here conceptualizes any transaction as involving (a) a good, (b) a payment, and (c) a social context within which the transaction is conducted. Each of these aspects in turn has a variety of features that might and in some cases should affect evaluations. For each such feature, the framework considers first the meaning of alternative specifications and then the difficulties of ensuring that they are understood and evaluated properly. As a whole, the framework provides an integrated approach to designing evaluation studies and interpreting their results.
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    URL: http://dx.doi.org/10.1007/BF00056166
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    Risk aversion in bargaining: An experimental study (1988)
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    Journal of risk and uncertainty 1 (1988), S. 101-124 
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    ISSN: 1573-0476
    Keywords: risk aversion ; bargaining ; experiments
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper reports the results of three experiments designed to test the predictions of the principal game-theoretic models of bargaining concerning the influence of risk aversion on bargaining outcomes. These models predict that risk aversion will be disadvantageous in bargaining except in situations in which potential agreements are lotteries with a positive probability of being worse than disagreement. The experimental results support the models' predictions. However, in the range of payoffs studied here, the effects due to risk aversion may be smaller than some of the focal point effects observed in previous experiments. Implications for further theoretical and experimental work are considered.
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    URL: http://dx.doi.org/10.1007/BF00055566
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    Aversion to one risk in the presence of others (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 395-413 
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    ISSN: 1573-0476
    Keywords: risk aversion ; certainty equivalent ; multivariate utilities ; independent risks ; comparative concavity ; multiple risks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The more risk-averse of two individuals need not have the smaller certainty equivalent for a risk \~x if another risk or combination of risks w is present. It is shown that he must, however, if either individual's conditional certainty equivalent for x is increasing in w. For independent risks, this condition follows immediately if either individual is decreasingly risk-averse, giving a natural proof of a known result. Another short proof of this result and necessary and sufficient conditions in the independent case are give. For multivariate utilities, the corresponding results do not hold, but it is proved simply that any mixture of decreasingly risk-averse utilities is decreasingly risk-averse. Also touched upon are risk aversion's relation to generalized means, concave composition, risk sharing, and interest rates, the application of the results to discounting under uncertainty and selection of investment level, and their connection to singly crossing distributions, noise, and dominance.
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    URL: http://dx.doi.org/10.1007/BF00117643
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    Choice under risk and the security factor: An axiomatic model (1988)
    Springer
    Theory and decision 24 (1988), S. 169-200 
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    ISSN: 1573-7187
    Keywords: decision theory ; risk ; expected utility ; security level ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract The particular attention paid by decision makers to the security level ensured by each decision under risk, which is responsible for the certainty effect, can be taken into account by weakening the independence and continuity axioms of expected utility theory. In the resulting model, preferences depend on: (i) the security level, (ii) the expected utility, offered by each decision. Choices are partially determined by security level comparison and completed by the maximization of a function, which express the existing tradeoffs between expected utility and security level, and is, at a given security level, an affine function of the expected utility. In the model, risk neutrality at a given security level implies risk aversion.
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    URL: http://dx.doi.org/10.1007/BF00132460
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