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Coherent Arbitrariness: On Value Uncertainty for Environmental Goods

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  • Nick Hanley
  • Bengt Kriström
  • Jason F. Shogren

Abstract

This paper investigates the idea that people are unsure about the value they place on prospective changes in environmental goods. In particular, we focus on a parametric explanation of the determinants of a "value gap," the difference between the most someone is sure they would pay for an increase in an environmental good, and the smallest amount they are sure they would not pay. We also present a simple means of calculating aggregate willingness to pay from data on the range of willingness to pay expressed via a payment ladder.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 85 (2009)
Issue (Month): 1 ()
Pages: 41-50

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Handle: RePEc:uwp:landec:v:85:y:2009:i:1:p:41-50

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Web page: http://le.uwpress.org/

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Cited by:
  1. Mikołaj Czajkowski & Nick Hanley & Jacob LaRiviere, 2012. "The Effects of Experience on Preference Uncertainty: Theory and Empirics for Public and Quasi-Public Goods," Working Papers, Faculty of Economic Sciences, University of Warsaw 2012-15, Faculty of Economic Sciences, University of Warsaw.
  2. Pierre-Alexandre Mahieu & Pere Riera & Raul Brey, 2010. "Testing the cognitive burden of two choice modeling valuation variants. The between and within sample approaches," Economics Bulletin, AccessEcon, vol. 30(2), pages 1384-1391.
  3. Voltaire, Louinord & Pirrone, Claudio & Bailly, Denis, 2013. "Dealing with preference uncertainty in contingent willingness to pay for a nature protection program: A new approach," Ecological Economics, Elsevier, Elsevier, vol. 88(C), pages 76-85.
  4. Czajkowski, Mikołaj & Hanley, Nick & LaRiviere, Jacob, 2013. "The effects of experience on preference uncertainty: theory and empirics for environmental goods," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia, Australian Agricultural and Resource Economics Society 152155, Australian Agricultural and Resource Economics Society.
  5. Jason F. Shogren & Jason F. Shogren, 2013. "Bidding Behavior given Point and Interval Values in a Second-price Auction," The School of Economics Discussion Paper Series, Economics, The University of Manchester 1310, Economics, The University of Manchester.
  6. Hermann Donfouet & P. Jeanty & P.-A. Mahieu, 2014. "Dealing with internal inconsistency in double-bounded dichotomous choice: an application to community-based health insurance," Empirical Economics, Springer, Springer, vol. 46(1), pages 317-328, February.
  7. Diederich, Johannees & Goeschl, Timo, 2014. "Motivational Drivers of the Private Provision of Public Goods: Evidence From a Large Framed Field Experiment," Working Papers, University of Heidelberg, Department of Economics 0561, University of Heidelberg, Department of Economics.
  8. Riera, Pere & Signorello, Giovanni & Thiene, Mara & Mahieu, Pierre-Alexandre & Navrud, Ståle & Kaval, Pamela & Rulleau, Benedicte & Mavsar, Robert & Madureira, Lívia & Meyerhoff, Jürgen & Elsasser,, 2012. "Non-market valuation of forest goods and services: Good practice guidelines," Journal of Forest Economics, Elsevier, Elsevier, vol. 18(4), pages 259-270.
  9. Aanesen, Margrethe & Czajkowski, Mikolaj & Falk-Peterson, Jannike & Hanley, Nicholas & LaRiviere, Jacob & Tinch, Dugald, 2014. "Effects of Experience, Knowledge and Signals on Willingness to Pay for a Public Good," Stirling Economics Discussion Papers, University of Stirling, Division of Economics 2014-04, University of Stirling, Division of Economics.

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