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  • Articles  (122)
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  • uncertainty  (53)
  • contingent valuation  (48)
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  • Springer  (122)
  • Economics  (122)
  • 1
    Electronic Resource
    Electronic Resource
    Stability Properties of a Bond Portfolio Management Problem (2000)
    Springer
    Annals of operations research 99 (2000), S. 251-265 
    Details
    ISSN: 1572-9338
    Keywords: stochastic programming ; bond portfolio management ; interest ratescenarios ; stability ; sensitivity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract The bond portfolio management problem is formulated as a multiperiod two-stage or multistage stochastic program based on interest rate scenarios. These scenarios depend on the available market data, on the applied estimation and sampling techniques, etc., and are used to evaluate coefficients of the resulting large scale mathematical program. The aim of the contribution is to analyze stability and sensitivity of this program on small changes of the coefficients – the (scenario dependent) values of future interest rates and prices. We shall prove that under sensible assumptions, the scenario subproblems are stable linear programs and that also the optimal first-stage decisions and the optimal value of the considered stochastic program possess acceptable continuity properties.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1019275817688
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  • 2
    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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  • 3
    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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  • 4
    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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  • 5
    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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  • 6
    Electronic Resource
    Electronic Resource
    Endogenous Future Preferences and Conservation (2000)
    Springer
    Environmental and resource economics 16 (2000), S. 253-262 
    Details
    ISSN: 1573-1502
    Keywords: endogenous future preferences ; stock of the environmental asset ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A dynamic optimization model is developed in whichuncertainty about future preferences is endogenous,namely depending on the state of the environment atthe time the change in preferences occurs.Endogeneizing preferences not only provides economicintuition to previous results but also implies thatoptimal policies are less conservative.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008361604063
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  • 7
    Electronic Resource
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    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
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    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
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    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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  • 11
    Electronic Resource
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    Is Workers' Compensation a Substitute for Unemployment Insurance? (1999)
    Springer
    Journal of risk and uncertainty 18 (1999), S. 165-188 
    Details
    ISSN: 1573-0476
    Keywords: moral hazard ; unemployment insurance ; workers' compensation ; risk ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines how the Workers' Compensation (WC) and Unemployment Insurance (UI) programs interact to influence the duration of claims due to workplace accidents. We use longitudinal WC administrative micro-data on more than 30,000 workers in the Canadian construction industry for the period 1976–1986. For the estimations, we use the Meyer (1990) semi-parametric proportional hazard model. Our results show, in particular, that a reduction in the UI replacement ratio is associated with an increase in the duration of claims due to severe accidents that are difficult to diagnose. Moreover, the duration of spells on WC is much higher when an accident occurs in December, a month which corresponds to the beginning of the lay-off season in the construction sector. This result is consistent with the fact that WC benefits are more generous than UI benefits in Canada.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007890630779
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  • 12
    Electronic Resource
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    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
    Sensitivity and Stability of the Classifications of Returns to Scale in Data Envelopment Analysis (1999)
    Springer
    Journal of productivity analysis 12 (1999), S. 55-75 
    Details
    ISSN: 1573-0441
    Keywords: Data envelopment analysis (DEA) ; returns to scale (RTS) ; sensitivity ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Sensitivity of the returns to scale (RTS) classifications in data envelopment analysis is studied by means of linear programming problems. The stability region for an observation preserving its current RTS classification (constant, increasing or decreasing returns to scale) can be easily investigated by the optimal values to a set of particular DEA-type formulations. Necessary and sufficient conditions are determined for preserving the RTS classifications when input or output data perturbations are non-proportional. It is shown that the sensitivity analysis method under proportional data perturbations can also be used to estimate the RTS classifications and discover the identical RTS regions yielded by the input-based and the output-based DEA methods. Thus, our approach provides information on both the RTS classifications and the stability of the classifications. This sensitivity analysis method can easily be applied via existing DEA codes.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007803207538
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  • 14
    Electronic Resource
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    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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  • 15
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    Parameter Uncertainty in CGE Modeling of the Environmental Impacts of Economic Policies (1999)
    Springer
    Environmental and resource economics 14 (1999), S. 75-94 
    Details
    ISSN: 1573-1502
    Keywords: CGE ; Costa Rica ; environmental indicators ; Monte Carlo ; parameter values ; trade policy ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This study explores the role of parameter uncertainty in CGE modeling of the environmental impacts of macroeconomic and sectoral policies, using Costa Rica as a case for study. A CGE model is constructed which includes eight environmental indicators covering deforestation, pesticides, overfishing, hazardous wastes, inorganic wastes, organic wastes, greenhouse gases, and air pollution. The parameters are treated as random variables drawn from prespecified distributions. Evaluation of each policy option consists of a Monte Carlo experiment. The impacts of the policy options on the environmental indicators are relatively robust to different parameter values, in spite of the wide range of parameter values employed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008362712759
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  • 16
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    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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  • 17
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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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  • 18
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    Preference Structures, Property Rights, and Paired Comparisons (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 107-122 
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    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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  • 19
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    Production Games under Uncertainty (1999)
    Springer
    Computational economics 14 (1999), S. 237-253 
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    ISSN: 1572-9974
    Keywords: cooperative games ; production ; core ; uncertainty ; stochastic programming ; distribution
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Economics
    Notes: Abstract The main objects below are transferable-utility games in which each agent faces an optimization problem, briefly called production planning, constrained by his resource endowment. Coalitions can pool members' resources. Such production games are here extended to accommodate uncertainty about events not known ex ante. Planning then takes the form of two-stage stochastic programming. Core solutions are sought, described, and computed via aggregate dual programs. The analysis is motivated by practical applications. Examples include stochastic production and regional distribution with random demand and supply, illustrated by a numerical example.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008720525884
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  • 20
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    Role of the Minimal State Variable Criterion in Rational Expectations Models (1999)
    Springer
    International tax and public finance 6 (1999), S. 621-639 
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    ISSN: 1573-6970
    Keywords: expectations ; bubbles ; uniqueness ; stability ; state variables ; multiplicity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper concerns the minimal-state-variable (MSV) criterion for selection among solutions in rational expectationsmodels that feature a multiplicity of paths that satisfy all of the model's conditions. It compares the MSVcriterion with others, including the widely used saddle-path (dynamic stability) criterion. It is emphasized that theMSV criterion can be viewed as a scientifically useful classification scheme that delineates the unique solutionthat is free of bubble components. In the process of demonstrating uniqueness for a broad class of linear models,the paper exposits a convenient computational procedure. Applications to current issues are outlined.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008746610773
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  • 21
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    The Measurement of Firm Information About Product Demand (1999)
    Springer
    Review of industrial organization 15 (1999), S. 149-163 
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    ISSN: 1573-7160
    Keywords: Firm information ; stochastic frontier estimation ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The role of firm information about product and financial markets is the subject of considerable research. Typically empirical research measures information through price dispersion. However, the dispersion represents an imperfect measure of information. Several studies utilize stochastic frontier estimation techniques to measure worker information about the labor market. This paper determines whether the frontier information measure can be applied to the measurement of firm information about product markets. Several intuitive hypotheses are tested concerning the relationship between firm characteristics and information investments. The results are consistent with expectations and provide support for using stochastic frontier techniques to measure firm information.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007732110007
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  • 22
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    Willingness to Pay for Domestic Television Programming (1999)
    Springer
    Journal of cultural economics 23 (1999), S. 147-164 
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    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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  • 23
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    Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 235-248 
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    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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  • 24
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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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  • 25
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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.
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    Optimal Management of Multiple Renewable Resource Stocks: An Application to Minke Whales (1999)
    Springer
    Environmental and resource economics 13 (1999), S. 435-458 
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    ISSN: 1573-1502
    Keywords: bioeconomics ; multiple stocks ; humane values ; Minke whales ; Monte Carlo analysis ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Most bioeconomic models of efficient renewable resource management are constructed for a single harvesting ground. A bioeconomic model is developed in this paper to study the optimal management of renewable resources that are found in spatially distinct harvesting grounds. The model is applied to Minke whale management. Important inter-regional substitution effects are shown to exist. In addition, comparison with previous studies shows that multiple stock management is necessary for efficient management. Finally, the current Minke whale moratorium is shown to be inefficient unless significant nonmarket values exist.
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    URL: http://dx.doi.org/10.1023/A:1008261710951
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    Portfolio optimization via stochastic programming: Methods of output analysis (1999)
    Springer
    Mathematical methods of operations research 50 (1999), S. 245-270 
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    ISSN: 1432-5217
    Keywords: Key words: Portfolio optimization ; stochastic programming ; stability ; postoptimality ; worst-case analysis
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    Topics: Mathematics , Economics
    Notes: Abstract. Solutions of portfolio optimization problems are often influenced by errors or misspecifications due to approximation, estimation and incomplete information. Selected methods for analysis of results obtained by solving stochastic programs are presented and their scope illustrated on generic examples – the Markowitz model, a multiperiod bond portfolio management problem and a general strategic investment problem. The approaches are based on asymptotic and robust statistics, on the moment problem and on results of parametric optimization.
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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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    Voluntary Contributions with Uncertainty: The Environmental Quality (1998)
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    The Geneva risk and insurance review 23 (1998), S. 151-165 
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    ISSN: 1554-9658
    Keywords: environmental management ; uncertainty ; public goods ; voluntary contributions ; precaution ; risk
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article presents a model in which production causes pollution that diminishes the welfare of its agents. Each agent is concerned with the quality of its environment and may voluntary contribute to improve it by financing depollution technology. The effectiveness of this technology on the quality of the environment is uncertain. We show that if an agent is sufficiently risk averse, voluntary contribution is a decreasing function of the average efficiency of depollution technology. If, on the contrary, the pollution effect is weaker than the substitution effect, the opposite holds. We show that precaution about environmental quality has two possible consequences that depend on agents' risk aversion. Therefore, the implications of a precautionary attitude lead us to consider the agents' risk-aversion characterization, which implies knowledge about prudent attitude.
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    URL: http://dx.doi.org/10.1023/A:1008678228249
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    Reachability of locational Nash equilibria (1998)
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    OR spectrum 20 (1998), S. 101-107 
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    ISSN: 1436-6304
    Keywords: Competitive location model ; Nash equilibria ; stability ; reachability ; Wettbewerbsmodelle in der Standorttheorie ; Nash Gleichgewicht ; Stabilität ; Erreichbarkeit
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung In der Arbeit werden die Standorte von Duopolisten in einem Baum untersucht. Unter der Annahme festgesetzter Preise werden notwendige und hinreichende Bedingungen für Nash Gleichgewichte für Standorte auf Bäumen hergeleitet. Unter Verwendung dieser Bedingungen wird dann gezeigt, daß — angenommen Nash Gleichgewichte existieren — diese in einem wiederholt angewandten sequentiellen Standortfindungsprozeß, in dem beide Duopolisten als Zielfunktion kurzfristige Gewinnmaximierung haben, auch erreicht werden.
    Notes: Abstract This paper examines the location of duopolists on a tree. Given parametric prices, we first delineate necessary and sufficient conditions for locational Nash equilibria on trees. Given these conditions, we then show that Nash equilibria, provided they exist, can be reached in a repeated sequential relocation process in which both facilities follow short-term profit maximization objectives.
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    URL: http://dx.doi.org/10.1007/BF01539861
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    Reachability of locational Nash equilibria (1998)
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    OR spectrum 20 (1998), S. 101-107 
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    ISSN: 1436-6304
    Keywords: Key words: Competitive location model ; Nash equilibria ; stability ; reachability ; Schlüsselwörter: Wettbewerbsmodelle in der Standorttheorie ; Nash Gleichgewicht ; Stabilität ; Erreichbarkeit
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung. In der Arbeit werden die Standorte von Duopolisten in einem Baum untersucht. Unter der Annahme festgesetzter Preise werden notwendige und hinreichende Bedingungen für Nash Gleichgewichte für Standorte auf Bäumen hergeleitet. Unter Verwendung dieser Bedingungen wird dann gezeigt, daß– angenommen Nash Gleichgewichte existieren – diese in einem wiederholt angewandten sequentiellen Standortfindungsprozeß, in dem beide Duopolisten als Zielfunktion kurzfristige Gewinnmaximierung haben, auch erreicht werden. “Equilibrium is a place in heaven, but how do we get there from here?”
    Notes: Abstract. This paper examines the location of duopolists on a tree. Given parametric prices, we first delineate necessary and sufficient conditions for locational Nash equilibria on trees. Given these conditions, we then show that Nash equilibria, provided they exist, can be reached in a repeated sequential relocation process in which both facilities follow short-term profit maximization objectives.
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    Money demand stability: Evidence from Spain (1998)
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    Empirical economics 23 (1998), S. 387-400 
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    ISSN: 1435-8921
    Keywords: Key words: Money demand ; cointegration ; stability ; regime shift ; JEL classification: E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed.  The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
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    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 1-Caveat Investigator (1998)
    Springer
    Journal of risk and uncertainty 17 (1998), S. 5-26 
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    ISSN: 1573-0476
    Keywords: safety ; contingent valuation ; embedding ; scope ; sequencing
    Source: Springer Online Journal Archives 1860-2000
    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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    Biases in Assessments of Probabilities: New Evidence from Greyhound Races (1998)
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    Journal of risk and uncertainty 17 (1998), S. 151-167 
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    ISSN: 1573-0476
    Keywords: Pari-mutuel game ; uncertainty ; gambler's fallacy
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    Topics: Economics
    Notes: Abstract This paper investigates biases in the perceptions of probabilities using data from the 1989 and 1994 seasons at the Woodlands greyhound park in Kansas City, Kansas. Results reveal consistent evidence that the gambler's fallacy exists. The results also reveal that gamblers overestimate the probability of a win by the favorite and the dog in the “lucky” seven position. However, the comparison also suggests some learning by bettors between the first season of operation in 1989 and the 1994 season.
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    On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 2 - The CV/SG "Chained" Approach (1998)
    Springer
    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
    Source: Springer Online Journal Archives 1860-2000
    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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    Uncertainty and critical-level population principles (1998)
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    Journal of population economics 11 (1998), S. 1-20 
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    ISSN: 1432-1475
    Keywords: JEL classification: D63 ; D71 ; D81 ; Key words: Population ethics ; uncertainty ; critical levels
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This paper analyzes variable-population social-evaluation principles in a framework where outcomes are uncertain. We provide characterizations of expected-utility versions of critical-level generalized utilitarian rules. These principles evaluate lotteries over possible states of the world on the basis of the sum of the expected values of differences between transformed utility levels and a transformed critical level, conditional on the agents‘ being alive in the states under consideration. Equivalently, the critical-level utilitarian value functions applied to weighted individual expected utilities can be employed. Weights are determined by the anonymity axiom.
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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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    Resilience in the Dynamics of Economy-Environment Systems (1998)
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    Environmental and resource economics 11 (1998), S. 503-520 
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    ISSN: 1573-1502
    Keywords: biodiversity ; dynamics ; resilience ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The ecological concept of resilience has begun to inform analysis of change in economy-environment systems. The linkages between resilience and the stability of dynamical systems are discussed, along with its role in understanding of the evolution of such systems. Particular linkages discussed include those between resilience, biodiversity and the sustainability of alternative states. Recent developments in modelling the resilience of joint economy-environment systems suggest the advantages of analysing change in the system as a Markov process, the transition probabilities between states offering a natural measure of the resilience of the system in such states. It is argued that this ‘emergent property’ of the collaboration between ecology and economics has far-reaching implications for the way we think about, model and manage the environmental sustainability of economic development.
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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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    Wage-distance regulation in social-welfare programs: An option-theory perspective (1998)
    Springer
    Journal of economics 68 (1998), S. 271-293 
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    ISSN: 1617-7134
    Keywords: H53 ; D81 ; social-welfare programs ; wage distance ; shadow economy ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract It is often argued that low-skilled workers have an incentive to escape to the unofficial sector if welfare benefits come too close to the net wage in the official sector. Upper limits of welfare benefits often serve as an instrument to ensure a sufficiently high income differnetial between sectors. However, if unofficial-sector income is insecure, and if a change of sectors is costly, an option value of working in the official sector has to be taken into account. This option value reduces the incentive for lowly skilled workers to give up official-sector jobs. Upper limits of welfare benefits might therefore be defined less restrictively.
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    Policy Adoption Rules and Global Warming (1998)
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    Environmental and resource economics 11 (1998), S. 635-646 
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    ISSN: 1573-1502
    Keywords: damages ; global warming ; irreversibility ; optimal stopping ; timing ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract Although there is widespread agreement about the dangers of global warming and the resulting need to cut down emissions, there does not seem to be general agreement about the exact form the policy should take or the timing of its adoption. Failure to adopt and implement policies against global warming reflects the complexity of the problem, the uncertainties of climate change and the cost of policy adoption. Issues associated with the interactions between uncertainties and irreversibilities in determining the timing of policy adoption are analyzed by using the methodology of optimal stopping rules. Optimal policy functions are derived for cooperative and noncooperative solutions, with differential game representation. Issues associated with the empirical application of the optimal policy rules are also considered.
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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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    ISSN: 1573-1502
    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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    Nuclear Power, Externalities and Non-Standard Pigouvian Taxes (1998)
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    Environmental and resource economics 11 (1998), S. 177-195 
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    ISSN: 1573-1502
    Keywords: uncertainty ; externalities ; Pigouvian taxes ; nuclear power
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The external effects arising from the use of nuclear power are, in a fundamental way, related to uncertainty. In this paper we locate these external effects and derive a dynamic Pigouvian tax in order to make the decentralized economy support the command optimum. Another interesting result is that a small constant energy tax (which we interpret as a second best policy) can take the decentralized economy reasonably close to the command optimum.
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    Money demand stability: Evidence from Spain (1998)
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    Empirical economics 23 (1998), S. 387-400 
    Details
    ISSN: 1435-8921
    Keywords: Money demand ; cointegration ; stability ; regime shift ; E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed. The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
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    Why Give up Money for the Baltic Sea? – Motives for People's Willingness (or Reluctance) to Pay (1998)
    Springer
    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
    Source: Springer Online Journal Archives 1860-2000
    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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    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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    ISSN: 1573-0476
    Keywords: relative risk ; value of life ; contingent valuation
    Source: Springer Online Journal Archives 1860-2000
    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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    ISSN: 1573-1502
    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)
    Springer
    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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    URL: http://dx.doi.org/10.1023/A:1026423201797
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    Interval Arithmetic for Input-output Models with Inexact Data (1997)
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    Computational economics 10 (1997), S. 89-100 
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    ISSN: 1572-9974
    Keywords: input-output models ; uncertainty ; interval arithmetic.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Economics
    Notes: Abstract Input-output models are subject to uncertainty. If these models are solved without regard to the effects of the uncertainty the solutions can be substantially in error. Interval arithmetic offers a means by which the effects of this uncertainty can be assessed. They also offer a means of evaluating changes in the technical coefficients and a means of determining inverse important coefficients.
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    Diffusion of innovations in globally stable Walrasian equilibrium (1997)
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    Journal of economics 66 (1997), S. 1-22 
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    ISSN: 1617-7134
    Keywords: diffusion of innovations ; Walrasian equilibrium ; stability ; O31
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract When all products in the economy are weak gross substitutes, preferences are homothetic, and firms face menu costs then all prices in an industry move together at the same rate. In the closed-loop Nash noncooperative equilibrium, all firms invest in productivity and reduce real prices. As a result, in the case of quadratic menu costs, the outputs of industries and the economy go up along S-shaped time paths characteristic of diffusion of innovations.
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    A dynamic Stackelberg model with production-adjustment costs (1997)
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    Journal of economics 66 (1997), S. 271-282 
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    ISSN: 1617-7134
    Keywords: Stackelberg model ; dynamic oligopoly ; stability ; C62 ; C73 ; D43
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We investigate the (dynamic) stability of a stackelberg oligopoly model of a market of a homogeneous good, with output competition, one Stackelberg leader and a number of identical followers. We assume that each firm incurs quadratic production-adjustment costs if it changes its output. We present a simple necessary and sufficient condition for stability of the model. Using the condition, we compare the stability of this model with the stability of two related Cournot models in which all firms present are followers. It turns out that the Stackelberg model is “more stable” than these two Cournot models.
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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)
    Springer
    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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    Uncertainty, Learning and International Environmental Policy Coordination (1997)
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    Environmental and resource economics 9 (1997), S. 451-466 
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    ISSN: 1573-1502
    Keywords: global warming ; uncertainty ; learning ; irreversibility ; value of information ; dynamic games ; international agreements
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract In this paper we construct a simple model of global warming which captures a number of key features of the global warming problem: (i) environmental damages are related to the stock of greenhouse gases in the atmosphere; (ii) the global commons nature of the problem means that these are strategic interactions between the emissions policies of the governments of individual nation states; (iii) there is uncertainty about the extent of the future damages that will be incurred by each country from any given level of concentration of greenhouse gases but there is the possibility that at a future date better information about the true extent of environmental damages may become available; an important aspect of the problem is the extent to which damages in different countries may be correlated. In the first part of the paper we consider a simple model with two symmetric countries and show that the value of perfect information is an increasing function of the correlation between damages in the two countries in both the cooperative and non-cooperative equilibria. However, while the value of perfect information is always non-negative in the cooperative equilibrium, in the non-cooperative equilibrium there is a critical value of the correlation coefficient below which the value of perfect information will be negative. In the second part of the paper we construct an empirical model of global warming distinguishing between OECD and non-OECD countries and show that in the non-cooperative equilibrium the value of perfect information for OECD countries is negative when the correlation coefficient between environmental damages for OECD and non-OECD countries is negative. The implications of these results for international agreements are discussed.
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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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    Uncertain climate change in an intergenerational planning model (1997)
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    Environmental and resource economics 9 (1997), S. 103-124 
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    ISSN: 1573-1502
    Keywords: climate change ; uncertainty ; irreversibility ; intergenerational ; stochastic dynamic programming ; resource extraction
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A three-generation planning model incorporating uncertain climate change is developed. Each generation features a production activity based on capital and an exhaustible resource. An irreversible climate change may occur in period two or three, reducing the productivity for this and the remaining generation. The model is solved by stochastic dynamic programming. If the climate impact and climate change probability is constant, the optimal period one (and two) resource extraction is larger than for the reference case of climate stability. If, however, climate impact and climate change probability increases with increased aggregate resource use, this result is reversed.
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    Uncertainty, learning and international environmental policy coordination (1997)
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    Environmental and resource economics 9 (1997), S. 451-466 
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    ISSN: 1573-1502
    Keywords: global warming ; uncertainty ; learning ; irreversibility ; value of information ; dynamic games ; international agreements
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract In this paper we construct a simple model of global warming which captures a number of key features of the global warming problem: (i) environmental damages are related to the stock of greenhouse gases in the atmosphere; (ii) the global commons nature of the problem means that these are strategic interactions between the emissions policies of the governments of individual nation states; (iii) there is uncertainty about the extent of the future damages that will be incurred by each country from any given level of concentration of greenhouse gases but there is the possibility that at a future date better information about the true extent of environmental damages may become available; an important aspect of the problem is the extent to which damages in different countries may be correlated. In the first part of the paper we consider a simple model with two symmetric countries and show that the value of perfect information is an increasing function of the correlation between damages in the two countries in both the cooperative and non-cooperative equilibria. However, while the value of perfect information is always non-negative in the cooperative equilibrium, in the non-cooperative equilibrium there is a critical value of the correlation coefficient below which the value of perfect information will be negative. In the second part of the paper we construct an empirical model of global warming distinguishing between OECD and non-OECD countries and show that in the non-cooperative equilibrium the value of perfect information for OECD countries is negative when the correlation coefficient between environmental damages for OECD and non-OECD countries is negative. The implications of these results for international agreements are discussed.
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    Uncertain Climate Change in an Intergenerational Planning Model (1997)
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    Environmental and resource economics 9 (1997), S. 103-124 
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    ISSN: 1573-1502
    Keywords: climate change ; uncertainty ; irreversibility ; intergenerational ; stochastic dynamic programming ; resource extraction
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract A three-generation planning model incorporating uncertain climate change is developed. Each generation features a production activity based on capital and an exhaustible resource. An irreversible climate change may occur in period two or three, reducing the productivity for this and the remaining generation. The model is solved by stochastic dynamic programming. If the climate impact and climate change probability is constant, the optimal period one (and two) resource extraction is larger than for the reference case of climate stability. If, however, climate impact and climate change probability increases with increased aggregate resource use, this result is reversed.
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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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    Investment under demand uncertainty: The newsboy problem revisited (1996)
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    The Geneva risk and insurance review 21 (1996), S. 179-189 
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    ISSN: 1554-9658
    Keywords: uncertainty ; investment ; newsboy problem ; increase in risk ; optimal capacity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty, but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk-neutral entrepreneur and, even more, that of the risk-averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk-neutral and the risk-averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff with a kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier, and Schlesinger [1991, 1995].
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    Generalized linear complementarity in a problem ofn-person games (1996)
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    OR spectrum 18 (1996), S. 231-239 
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    ISSN: 1436-6304
    Keywords: Generalized polymatrix games ; generalized linear complementarity problem ; stability ; degree theory ; Verallgemeinerte Polymatrix-Spiele ; verallgemeinertes lineares Komplementaritätsproblem ; Stabilität ; Grad-Theorie
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung In dieser Arbeit führen wir eine Verallgemeinerung des Polymatrix-Spiels (eines Nicht-Nullsummen- und nicht-kooperativenn-Personen-Spiels), das von Howson betrachtet wurde, ein und führen das Problem, eine Gleichgewichtsmenge von Strategien für ein solches Spiel zu berechnen, auf das verallgemeinerte lineare Komplementaritätsproblem von Cottle und Dantzig zurück. Für eine noch allgemeinere Version des Spiels beweisen wir die Existenz einerε-Gleichgewichtsmenge von Strategien. Wir präsentieren auch ein Ergebnis über die Stabilität der Gleichgewichte, das auf der Grad-Theorie beruht.
    Notes: Abstract In this paper, we introduce a generalization of the polymatrix game (a nonzero sum noncooperativen-person game) considered by Howson and relate the problem of computing an equilibrium set of strategies for such a game to the generalized linear complementarity problem of Cottle and Dantzig. For an even more general version of the game we prove the existence of anε-equilibrium set of strategies. We also present a result on the stability of the equilibria based on degree theory.
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    An experimental investigation of the impact of ambiguity on the valuationof self-insurance and self-protection (1996)
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    Journal of risk and uncertainty 13 (1996), S. 53-71 
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    ISSN: 1573-0476
    Keywords: risk ; uncertainty ; ambiguity ; self-protection ; self-insurance ; framing ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We build two experimental markets to examine individual valuations of risk reductions with two risk-management tools: self-insurance and self-protection. We find no positive evidence that the risk-reducing mechanisms constitute a “frame.” Ambiguity in the probability on average affects valuation only weakly, and changes in the representation of ambiguity do not alter valuation. Finally, unlike the results obtained by Hogarth and Kunreuther for the case of market insurance, our findings do not provide a strong support for the “Anchoring and Adjustment” ambiguity model.
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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)
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    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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    Options traders exhibit subadditive decision weights (1996)
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    Journal of risk and uncertainty 13 (1996), S. 5-17 
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    ISSN: 1573-0476
    Keywords: risk ; uncertainty ; decision weights ; subadditivity
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    Topics: Economics
    Notes: Abstract Professional options traders priced risky prospects as well as uncertain prospects whose outcomes depended on future values of various stocks. The prices of the risky prospects coincided with their expected value, but the prices of the uncertain prospects violated expected utility theory. An event had greater impact on prices when it turned an impossibility into a possibility or a possibility into a certainty than when it merely made a possibility more or less likely, as predicted by prospect theory. This phenomenon is attributed to the subadditivity of judged probabilities.
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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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    A generalization of the Nash equilibrium theorem on bimatrix games (1996)
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    International journal of game theory 25 (1996), S. 1-12 
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    ISSN: 1432-1270
    Keywords: Bimatrix game ; ɛ-equilibrium ; optimal strategies ; vertical linear complementarity problem ; degree ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract In this article, we consider a two-person game in which the first player picks a row representative matrixM from a nonempty set $$A$$ ofm ×n matrices and a probability distributionx on {1,2,...,m} while the second player picks a column representative matrixN from a nonempty set ℬ ofm ×n matrices and a probability distribution y on 1,2,...,n. This leads to the respective costs ofx t My andx t Ny for these players. We establish the existence of an ɛ-equilibrium for this game under the assumption that $$A$$ and ℬ are bounded. When the sets $$A$$ and ℬ are compact in ℝmxn, the result yields an equilibrium state at which stage no player can decrease his cost by unilaterally changing his row/column selection and probability distribution. The result, when further specialized to singleton sets, reduces to the famous theorem of Nash on bimatrix games.
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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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    Valuation and management of tropical forests (1996)
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    Environmental and resource economics 8 (1996), S. 39-61 
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    ISSN: 1573-1502
    Keywords: tropical forests ; irreversibility ; uncertainty ; Thai parks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper develops a framework for the valuation and management of tropical forests that reflects their ecological and economic characteristics. The analysis demonstrates the importance of modeling the feasible use patterns and the information structure in tropical forest management decisions. The model predicts that cases exist where the foresighted management of forests leads to more preservation than the traditional expected value approach. An application in Thailand provides evidence that such cases occur in relevant ranges of benefit flows. The model focuses tropical forest management on assessments of sustainability and feasible sequences in light of uncertainty and information flows.
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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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    The effects of environmental liability on industrial real estate development (1996)
    Springer
    The journal of real estate finance and economics 12 (1996), S. 37-58 
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    ISSN: 1573-045X
    Keywords: liability ; uncertainty ; industrial redevelopment
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The paper explores the effects of current liability law on real estate transactions involving properties with potential environmental contamination. Sources of uncertainty and their likely impact on transactions are identified. Liability-driven market distortions are likely to be due less to legal uncertainty than to problems arising from asymmetric information and imperfect detection.
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    URL: http://dx.doi.org/10.1007/BF00127765
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    CVP under uncertainty and the manager's utility function (1996)
    Springer
    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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    Proof of global stability, transitional dynamics, and international capital flows in a two-country model of innovation and growth (1996)
    Springer
    Journal of economics 64 (1996), S. 53-84 
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    ISSN: 1617-7134
    Keywords: convergence ; international trade ; international capital flows ; stability ; endogenous growth ; F12 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Global stability properties of dynamic two-country models can be easily studied in the case of perfect international capital flows. With internationally constant relative productivities, balanced-growth path values for factor prices will hold on any path leading to the balanced-growth path unless one country experiences a period of no innovation. Innovation rates converge in the case of perfect international knowledge spillovers but long-run consumption levels and trade patterns are path-dependent. GDP per capita is predicted to converge slowly despite the presence of perfect international capital markets and no explicit inclusion of adjustment costs. The trade balance of the rich country is initially positive but after some time turns into a deficit.
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    URL: http://dx.doi.org/10.1007/BF01237525
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    Choosing the right instrument (1996)
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    Environmental and resource economics 8 (1996), S. 399-416 
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    ISSN: 1573-1502
    Keywords: environmental taxes ; tradable permits ; excess burden ; tax revenues ; uncertainty ; secondbest policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract This paper analyses the optimal choice of second-best optimal environmental policies. Using a partial equilibrium model, the paper first reconfirms the well-known result that the existence of a double dividend (in its weak definition) favours environmental policy instruments which maximise tax revenues for a given improvement in environmental quality. Additional revenues can be used to reduce the distortion of existing taxes such as taxes on labour and capital income. Without uncertainty, environmental taxes and auctioned permits are equally appropriate. In the presence of uncertainty, however, the optimal choice of taxes or tradable permits depends on the relative magnitudes of the marginal environmental damage and the marginal benefit from consuming a polluting good. In the second part, the paper, therefore, analyses how the revenue capacity affects the optimal choice of environmental policy instruments in the presence of uncertainty. The paper shows that the first-best choice rule between price and quantity regulation (Weitzman, 1974) remains valid in a second-best world with distortionary taxation.
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    URL: http://dx.doi.org/10.1007/BF00357410
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    Stability in multistage stochastic programming (1995)
    Springer
    Annals of operations research 56 (1995), S. 79-93 
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    ISSN: 1572-9338
    Keywords: Multistage stochastic programs ; optimization in Banach spaces ; stability ; approximation
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract Multistage stochastic programs are regarded as mathematical programs in a Banach spaceX of summable functions. Relying on a result for parametric programs in Banach spaces, the paper presents conditions under which linearly constrained convex multistage problems behave stably when the (input) data process is subjected to (small) perturbations. In particular, we show the persistence of optimal solutions, the local Lipschitz continuity of the optimal value and the upper semicontinuity of optimal sets with respect to the weak topology inX. The linear case with deterministic first-stage decisions is studied in more detail.
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    URL: http://dx.doi.org/10.1007/BF02031701
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    Time and risk (1995)
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    Journal of risk and uncertainty 10 (1995), S. 37-55 
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    ISSN: 1573-0476
    Keywords: uncertainty ; intertemporal choice ; life-cycle ; stochastic dominance ; temporal dominance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Intertemporal choice has obvious similarities with choice under uncertainty. However, because of technical difficulties in mapping results between the two domains, theoretical analysis of these topics has proceeded independently. In this article, we show that, using Rank Dependent Expected Utility rather than Expected Utility as the basic uncertain choice model, numerous analogies between the two fields may be identified and exploited. The key result is the derivation of a natural analogy between risk-aversion and impatience. This permits the reinterpretation of well-known results on stochastic dominance and comparative risk-aversion in the context of intertemporal choice. It is also possible to reinterpret results on intertemporal optimization in order to derive new results for portfolio choice problems under uncertainty.
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    URL: http://dx.doi.org/10.1007/BF01211527
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    Decision making under ignorance: Arguing with yourself (1995)
    Springer
    Journal of risk and uncertainty 10 (1995), S. 15-36 
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    ISSN: 1573-0476
    Keywords: ambiguity ; uncertainty ; risk ; ignorance ; cognitive processes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The metaphor of gambling has had great influence on the topic of choice under uncertainty. However, in many real-world situations, people must make choices when they lack information about the relevant economic features of gambles, i.e., probabilities and outcomes. We refer to this as choice under ignorance as opposed to choice under risk or uncertainty. We propose that people handle these decisions by generating rationales or arguments that allow them to resolve the choice conflict. Moreover, these rationales often do not correspond to principles derived from the cost-benefit framework of economic models. These ideas are explored in two experiments in which subjects simulated the purchase of warranties for consumer durables. Our principal findings are, first, that observable behaviors differ between situations where subjects do and do not have information on probabilities and outcomes. Second, economic cost-benefit models did not yield good descriptions of our subjects' decisions. Third, the nature of arguments used, and thus the processes invoked, differed as a function of the information available to subjects. And fourth, subjects' arguments indicated two types of strategies for reaching decisions. In one, they processed the particular characteristics of each choice option; in the other, they invoked a “meta-rule” or principle that resolved the choice conflict and was insensitive to the particular features of different options. Finally, we discuss the implications of our results. This includes questioning the appropriateness of using the gamble as a metaphor for choice in future research.
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    URL: http://dx.doi.org/10.1007/BF01211526
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    Guaranteed renewability in insurance (1995)
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    Journal of risk and uncertainty 10 (1995), S. 143-156 
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    ISSN: 1573-0476
    Keywords: uncertainty ; insurance ; renewability ; competition
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We propose a guaranteed renewability (GR) insurance in which a sequence of premiums would enable insurers to break even and would be chosen by both low- and high-risk buyers, whether or not they had suffered a loss. The premium schedule would continually decline over time, as the insurer collects more information to determine who the low-risk buyers are. The highest premiums are charged initially to protect the insurer if low-risk individuals leave for the spot market. The concluding portion of the article discusses the limitations of a GR policy in the health and environmental liability area, the most serious being instability in estimates of underlying loss trends.
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    URL: http://dx.doi.org/10.1007/BF01083557
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    The damage costs of climate change toward more comprehensive calculations (1995)
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    Environmental and resource economics 5 (1995), S. 353-374 
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    ISSN: 1573-1502
    Keywords: Climate change damage costs ; cost functions ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract It is argued that estimating the damage costs of a certain benchmark climate change is not sufficient. What is needed are cost functions and confidence intervals. Although these are contained in the integrated models and their technical manuals, this paper brings them into the open in order to stimulate discussion. After briefly reviewing the benchmark climate change damage costs, region-specific cost functions are presented which distinguish tangible from intangible losses and the losses due to a changing climate from those due to a changed climate. Furthermore, cost functions are assumed to be quadratic, as an approximation of the unknown but presumably convex functions. Results from the damage module of the integrated climate economy modelFUND are presented. Next, uncertainties are incorporated and expected damages are calculated. It is shown that because of convex loss functions and right-skewed uncertainties, the risk premium is substantial, calling for more action than analysis based on best-guess estimates. The final section explores some needs for further scientific research.
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    URL: http://dx.doi.org/10.1007/BF00691574
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    Oligopoly and behavioral uncertainty: An application of fuzzy set theory (1995)
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    Review of industrial organization 10 (1995), S. 269-288 
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    ISSN: 1573-7160
    Keywords: Oligopoly ; uncertainty ; fuzzy mathematics ; Herfindahl-Hirschman ; antitrust
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper provides a brief sketch of fuzzy mathematics. It employs this relatively new mathematical tool to define and describe oligopoly markets and to quantitatively establish the impacts of uncertainty on the decision making that is intrinsic to oligopolistic industries. It illustrates how the technique would be used, for example, by applying fuzzy mathematics to the Herfindahl-Hirschman Index.
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    URL: http://dx.doi.org/10.1007/BF01027075
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    Judged knowledge and ambiguity aversion (1995)
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    Theory and decision 39 (1995), S. 51-77 
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    ISSN: 1573-7187
    Keywords: Ambiguity ; competence ; knowledge ; decision making ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract Competence has recently been proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets depends on the judged knowledge of the class of events. We also elicited the decision weights for events and complementary events. We found a similar effect of knowledge on the sum of decision weights.
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    Estimation of the greenhouse gas externality with uncertainty (1995)
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    Environmental and resource economics 5 (1995), S. 71-82 
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    ISSN: 1573-1502
    Keywords: Externality ; greenhouse ; estimation ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The shadow price of carbon dioxide is the value of the external damage caused by an emission. A shadow price model for calculating the present value of the external damage of a carbon dioxide emission is derived explicitly. Sixteen experts provided subjective high, low and most likely parameter estimates because correct values for the eight model parameters are uncertain. The estimation procedure retains parameter uncertainty while generating the main result, which is a distribution of shadow price estimates. Major assumptions made in the estimation identify the basis for the results. Of the eight model parameters, the discount rate dominates the determination of the shadow price. For comparison, expert estimates of the shadow price itself provide a second distribution of shadow price estimates.
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    URL: http://dx.doi.org/10.1007/BF00691910
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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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    URL: http://dx.doi.org/10.1007/BF00691518
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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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    Stability results for approximately efficient solutions (1994)
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    OR spectrum 16 (1994), S. 47-52 
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    ISSN: 1436-6304
    Keywords: Vector optimization ; approximately efficient solutions ; stability ; Vektoroptimierung ; Näherungslösungen ; Stabilität
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Wir führen ein Konzept für Näherungslösungen in der Vektoroptimierung ein und vergleichen dieses mit einem neuen Konzept aus [8]. Weiterhin untersuchen wir Beziehungen zwischen der Menge der Näherungslösungen eines Vektoroptimierungsproblems und den Näherungslösungen eines entsprechenden parametrischen Ersatzproblems. Schließlich beweisen wir Stabilitätseigenschaften des skalaren Ersatzproblems.
    Notes: Abstract We introduce a concept for approximately efficient solutions in vector optimization and compare it with another recent concept given in [8]. Further, we study relations between the set of approximately efficient solutions of a vector optimization problem and the approximate solutions of a corresponding parametric surrogate optimization problem. Finally, we prove stability properties for the scalar surrogate problem.
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    URL: http://dx.doi.org/10.1007/BF01719703
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    Sequential stability of the constant cost dynamic lot size model-searching for monotonicity (1994)
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    OR spectrum 15 (1994), S. 197-203 
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    ISSN: 1436-6304
    Keywords: Inventory ; dynamic programming ; stability ; Lagerhaltung ; Dynamische Optimierung ; Stabilität
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Die Menge der Kostenparameter, für die eine optimale Lösung des dynamischen Losgrößenmodells optimal bleibt wird hier Stabilitätsregion genannt. Die Größe einer solchen Menge kann als Maß der Robustheit einer Lösung angesehen werden. Es ist zu erwarten, daß die Stabilitätsregionen mit wachsendem Zeithorizont schrumpfen und daß sie in diesem Sinne monoton sind. In der vorliegenden Arbeit werden verschiedene hinreichende Bedingungen für diese Monotonie untersucht. Die Bedingungen setzen unter anderem die Existenz von Planungs- und Vorhersage-Horizonten voraus und verallgemeinern so Ergebnisse einer früheren Arbeit, in der Aussagen für gewöhnliche Planungs-Horizonte vorgestellt wurden.
    Notes: Abstract The set of cost inputs for which an optimal solution of the dynamic lot size model remains valid is called stability region. The size of this region may be viewed as a measure of robustness of a solution. It is an expectation that the stability regions shrink with growing time horizons and that they are monotonous in this sense. In the present paper several sufficient conditions implying monotonicity will be studied. The conditions cover the existence of planning and forecast horizons and generalize the results of a previous paper in wich monotonicity results were presented for the case of ordinary planning horizons.
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    Regret theory with general choice sets (1994)
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    Journal of risk and uncertainty 8 (1994), S. 153-165 
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    ISSN: 1573-0476
    Keywords: regret theory ; stochastic dominance ; choice ; uncertainty ; 026
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The regret theory of choice under uncertainty proposed by Loomes and Sugden has performed well in explaining and predicting violations of Expected Utility theory. The original version of the model was confined to pairwise choices, which limited its usefulness as an economic theory of choice. Axioms for a more general form of regret theory have been proposed by Loomes and Sugden. In this article, it is shown that a simple nonmanipulability requirement is sufficient to characterize the functional form for regret theory with general choice sets. The stochastic dominance and comparative static properties of the model are outlined. A number of special cases are derived in which regret theory is equivalent to other well-known theories of choice under uncertainty.
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    Expected utility with lower probabilities (1994)
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    Journal of risk and uncertainty 8 (1994), S. 197-216 
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    ISSN: 1573-0476
    Keywords: expected utility theory ; belief functions ; lower probability ; uncertainty ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract An uncertain and not just risky situation may be modeled using so-called belief functions assigning lower probabilities to subsets of outcomes. In this article we extend the von Neumann-Morgenstern expected utility theory from probability measures to belief functions. We use this theory to characterize uncertainty neutrality and different degrees of uncertainty aversion.
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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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    URL: http://dx.doi.org/10.1007/BF01064181
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    Economic growth with environmental damage and technical progress (1994)
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    Environmental and resource economics 4 (1994), S. 241-249 
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    ISSN: 1573-1502
    Keywords: Economic growth ; pollution control ; technical progress ; tradeable pollution permits ; stability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Notes: Abstract The papers on economic growth with environmental constraints usually ignore the effect of technical progress, this results in static steady state solutions. This paper examines the problem of optimal economic growth with environmental damage, technical progress taken into account, which produces a steady state solution that corresponds to an equilibrium growth, with non-constant emissions and pollutant stock. As a means of steering the economy along the optimal path, two types of tradeable pollution permits are analyzed. The method of stabilizing the optimal path, leading to a steady state, is suggested.
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    URL: http://dx.doi.org/10.1007/BF00692326
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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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    URL: http://dx.doi.org/10.1007/BF01072612
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    Valuing environmental resources: A constructive approach (1993)
    Springer
    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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    The utility of gambling (1993)
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    Journal of risk and uncertainty 6 (1993), S. 255-275 
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    ISSN: 1573-0476
    Keywords: gambling ; risk ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A tiny utility of gambling is appended to an expected utility model for a risk-averse individual. It is shown that the model can explain small payoff gambles, large prize lotteries, and patterns of risk-seeking in the experimental evidence that are puzzling from the viewpoint of standard theory. At the same time, the model maintains expected utility theory's ability to explain insurance purchase, portfolio diversification, and other risk-averting behavior. The tiny utility of gambling could equally well be appended to models of risky choice other than the expected utility model.
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    URL: http://dx.doi.org/10.1007/BF01072614
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    Insurer ambiguity and market failure (1993)
    Springer
    Journal of risk and uncertainty 7 (1993), S. 71-87 
    Details
    ISSN: 1573-0476
    Keywords: insurer ambiguity ; uncertainty ; market failure ; decision making
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A series of studies investigate the decision processes of actuaries, underwriters, and reinsurers in setting premiums for ambiguous and uncertain risks. Survey data on prices reveal that all three types of these insurance decision makers are risk averse and ambiguity averse. In addition, groups appear to be influenced in their premium-setting decisions by specific reference points such as expected loss and the concern with insolvency. This behavior is consistent with a growing analytical and empirical literature in economics and decision processes that investigates the role that uncertainty plays on managerial choices. Improved risk-assessment procedures and government involvement in providing protection against catastrophic losses may induce insurers to reduce premiums and broaden available coverage.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01065315
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    Preference reversals and the measurement of environmental values (1993)
    Springer
    Journal of risk and uncertainty 6 (1993), S. 5-18 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01065347
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  • 99
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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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057571
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    Recent developments in modeling preferences: Uncertainty and ambiguity (1992)
    Springer
    Journal of risk and uncertainty 5 (1992), S. 325-370 
    Details
    ISSN: 1573-0476
    Keywords: ambiguity ; uncertainty ; Ellsberg paradox ; nonexpected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In subjective expected utility (SEU), the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others, shows that people prefer to bet on events they know more about, even when their beliefs are held constant. (They are averse to ambiguity, or uncertainty about probability.) We review evidence, recent theoretical explanations, and applications of research on ambiguity and SEU.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00122575
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