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Preference Uncertainty in Non-Market Valuation: A Fuzzy Approach

Author

Listed:
  • G. Cornelis van Kooten
  • Emina Krcmar
  • Erwin H. Bulte

Abstract

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.

Suggested Citation

  • 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.
  • Handle: RePEc:oup:ajagec:v:83:y:2001:i:3:p:487-500
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    File URL: http://hdl.handle.net/10.1111/0002-9092.00172
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