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Environmental Valuation with Imperfect Information The Case of the Random Utility Model

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Author Info
Christopher Leggett ()
Abstract

This paper considers welfare analysis with therandom utility model (RUM) when perceptions ofenvironmental quality differ from objectivemeasures of environmental quality. Environmental quality is assumed to be anexperience good, so that while perceptions ofquality determine choices, ex postutility is determined by objective quality. Given this assumption, I derive a measure ofthe welfare impact of changes in environmentalquality, and I show how this new welfaremeasure differs from the traditional welfaremeasure developed by Hanemann (1982). This newwelfare measure provides an approach tomeasuring the value of information aboutenvironmental quality within the framework ofthe random utility model. Copyright Kluwer Academic Publishers 2002

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File URL: http://hdl.handle.net/10.1023/A:1021289010879
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 23 (2002)
Issue (Month): 3 (November)
Pages: 343-355
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Handle: RePEc:kap:enreec:v:23:y:2002:i:3:p:343-355

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: discrete choice information logit perception random utility model welfare analysis

References listed on IDEAS
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  1. repec:isu:genres:1512 is not listed on IDEAS
  2. Harvey S. Rosen & Kenneth A. Small, 1981. "Applied Welfare Economics with Discrete Choice Models," NBER Working Papers 0319, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Foster, William & Just, Richard E., 1989. "Measuring welfare effects of product contamination with consumer uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 266-283, November. [Downloadable!] (restricted)
  4. W. Hanemann, 1982. "Applied Welfare Analysis with Qualitative Response Models," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series 241, Department of Agricultural & Resource Economics, UC Berkeley. [Downloadable!]
  5. Adamowicz, Wiktor & Swait, Joffre & Boxall, Peter & Louviere, Jordan & Williams, Michael, 1997. "Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 65-84, January. [Downloadable!] (restricted)
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