How Can Behavioral Economics Inform Nonmarket Valuation? An Example from the Preference Reversal Literature
AbstractPsychological insights have made inroads within most areas of study in economics. One area where less advance has occurred is environmental and resource economics. In this study, we examine preference reversals over evaluation modes, in which economic values critically depend on whether a good is valued jointly with others, or in isolation. The question arises because two methods for eliciting stated preferences differ in that one presents objects together and another presents them in isolation. Our empirical evidence demonstrates the import of behavioral economics and sheds new light on the possible insensitivity of valuations to the scope of the good.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 87 (2011)
Issue (Month): 3 ()
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Web page: http://le.uwpress.org/
Other versions of this item:
- Jonathan Alevy & John List & Vic Adamowicz, 2010. "How can behavioral economics inform non-market valuation? An example from the preference reversal literature," Artefactual Field Experiments 00002, The Field Experiments Website.
- Jonathan E. Alevy & John A. List & Wiktor Adamowicz, 2010. "How can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature," Working Papers 2010-08, University of Alaska Anchorage, Department of Economics.
- Jonathan E. Alevy & John List & Wiktor Adamowicz, 2010. "How Can Behavioral Economics Inform Non-Market Valuation? An Example from the Preference Reversal Literature," NBER Working Papers 16036, National Bureau of Economic Research, Inc.
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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