Preference Uncertainty in Non-Market Valuation: A Fuzzy Approach
In this article, we consider uncertain preferences for non-market goods, but we move away from a probabilistic representation of uncertainty and propose the use of fuzzy contingent valuation. We assume that a decision maker never fully knows her own utility function and we treat utility as a fuzzy number. The methodology is illustrated using data on forest valuation in Sweden. Fuzzy contingent valuation provides estimates of resource value in the form of a fuzzy number and includes estimates obtained using a standard probabilistic approach. Copyright 2001, Oxford University Press.
Volume (Year): 83 (2001)
Issue (Month): 3 ()
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