Incorporating issues of risk and uncertainty into choice modelling experiments
AbstractMany policy issues, as well as policy funding and management choices, have elements of risk and uncertainty. This means that choice experiments, such as those used in choice modelling (CM), may need to frame trade-offs so that risk and uncertainty are included.This research aims to explore some methodological approaches to identify and treat uncertainty in CM experiments. A review of theoretical models, as well as a case study application in the CM technique reported by Roberts et al. (2008), suggests that including uncertainty information in the choice sets should influence responses significantly. However, key challenges remain to define and describe the elements of risk and uncertainty that are to be included in a choice experiment, to communicate the issues to respondents, and to develop appropriate forms of analysis.
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Bibliographic InfoPaper provided by Environmental Economics Research Hub, Crawford School of Public Policy, The Australian National University in its series Environmental Economics Research Hub Research Reports with number 0912.
Date of creation: Jan 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-26 (All new papers)
- NEP-DCM-2009-09-26 (Discrete Choice Models)
- NEP-UPT-2009-09-26 (Utility Models & Prospect Theory)
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.:
- G. Cornelis van Kooten & Emina Krcmar & Erwin H. Bulte, 2001. "Preference Uncertainty in Non-Market Valuation: A Fuzzy Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 487-500.
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