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Individual Option Prices for Climate Change Mitigation

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Author Info
Trudy Ann Cameron () (Department of Economics, University of Oregon)

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Abstract

Willingness to pay for climate change mitigation depends on people's perceptions about just how bad things will get if nothing is done. Individual subjective distributions for future climate conditions are combined with stated preference discrete choice data over alternative climate policies to estimate individual option prices (the appropriate ex ante welfare measure in the face of uncertainty) for climate change mitigation. We find significant scope effects in the estimated option prices according to both expected conditions and degree of uncertainty.

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File URL: http://economics.uoregon.edu/papers/UO-2003-9_Cameron_climate_classroom.pdf
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Publisher Info
Paper provided by University of Oregon Economics Department in its series University of Oregon Economics Department Working Papers with number 2003-9.

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Length: 42
Date of creation: 20 Jul 2002
Date of revision: 20 Jul 2002
Handle: RePEc:ore:uoecwp:2003-9

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Related research
Keywords: option prices; climate change; stated preferences; contingent valuation; state-dependent preferences;

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Find related papers by JEL classification:
H0 - Public Economics - - General
D8 - Microeconomics - - Information, Knowledge, and Uncertainty
N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation

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References listed on IDEAS
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.:
  1. Trudy Ann Cameron, 2001. "Updating Subjective Risks in the Presence of Conflicting Information: An Application to Climate Change," University of Oregon Economics Department Working Papers 2003-8, University of Oregon Economics Department, revised 14 Jul 2001. [Downloadable!]
    Other versions:
  2. Cameron, Trudy Ann & Poe, Gregory L. & Ethier, Robert G. & Schulze, William D., 2002. "Alternative Non-market Value-Elicitation Methods: Are the Underlying Preferences the Same?," Journal of Environmental Economics and Management, Elsevier, vol. 44(3), pages 391-425, November. [Downloadable!] (restricted)
  3. Arrow, Kenneth J, 1982. "Risk Perception in Psychology and Economics," Economic Inquiry, Oxford University Press, vol. 20(1), pages 1-9, January.
  4. Cameron, Trudy Ann & Englin, Jeffrey, 1997. "Respondent Experience and Contingent Valuation of Environmental Goods," Journal of Environmental Economics and Management, Elsevier, vol. 33(3), pages 296-313, July. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, 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.)

  1. Trudy Ann Cameron, 2001. "Updating Subjective Risks in the Presence of Conflicting Information: An Application to Climate Change," University of Oregon Economics Department Working Papers 2003-8, University of Oregon Economics Department, revised 14 Jul 2001. [Downloadable!]
    Other versions:
  2. Sonia Akter & Jeff Bennett, 2009. "Household perceptions of climate change and preferences for mitigation action: the case of the Carbon Pollution Reduction Scheme in Australia," Environmental Economics Research Hub Research Reports 0919, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
    Other versions:
  3. Xuehong Wang & John Rolfe, 2009. "Incorporating issues of risk and uncertainty into Choice Modelling experiments," Environmental Economics Research Hub Research Reports 0912, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
  4. Riddel, Mary & Shaw, W. Douglass, 2006. "A Theoretically-Consistent Empirical Non-Expected Utility Model of Ambiguity: Nuclear Waste Mortality Risk and Yucca Mountain," Pre-Prints 23964, Texas A&M University, Department of Agricultural Economics. [Downloadable!]
  5. Sonia Akter & Jeff Bennett, 2009. "Estimating non-market values under scenario and policy ambiguity: the case of climate change mitigation in Australia," Environmental Economics Research Hub Research Reports 0932, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
  6. Riddel, Mary & Shaw, W. Douglass, 2002. "Option Wealth And Bequest Values: The Value Of Protecting Future Generations From The Health Risks Of Nuclear Waste Storage," 2002 Annual meeting, July 28-31, Long Beach, CA 19662, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  7. Brian Roach, . "08-03 "Policies for Funding a Response to Climate Change"," GDAE Working Papers 08-03, GDAE, Tufts University. [Downloadable!]
  8. Mary Riddel & W. Shaw, 2006. "A theoretically-consistent empirical model of non-expected utility: An application to nuclear-waste transport," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 131-150, March. [Downloadable!] (restricted)
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