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Coherent Arbitrariness: On Value Uncertainty for Environmental Goods

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Author Info
Nick Hanley
Bengt Kriström
Jason F. Shogren

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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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File URL: http://le.uwpress.org/cgi/reprint/85/1/41
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Publisher 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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Related research
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Find related papers by JEL classification:
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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This page was last updated on 2009-11-22.

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