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Option Wealth And Bequest Values: The Value Of Protecting Future Generations From The Health Risks Of Nuclear Waste Storage

  • Riddel, Mary C.
  • Shaw, W. Douglass

We devise a simple model of intergenerational altruism under uncertainty. We present an estimable form of the model that relies on a few, plausible, assumptions. We apply the model to data collected in a survey of Southern Nevadans concerning the proposed Yucca Mountain Nuclear Waste Repository in Nye County, NV. We find strong evidence of a bequest motive. Approximately one third of the option wealth lost by households near the repository can be attributed to costs to future generations.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19662.

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Date of creation: 2002
Date of revision:
Handle: RePEc:ags:aaea02:19662
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  1. W. Michael Hanemann, 1984. "Welfare Evaluations in Contingent Valuation Experiments with Discrete Responses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 332-341.
  2. Martin L. Weitzman, 1998. "Gamma Discounting," Harvard Institute of Economic Research Working Papers 1843, Harvard - Institute of Economic Research.
  3. Heckman, James J & Willis, Robert J, 1977. "A Beta-logistic Model for the Analysis of Sequential Labor Force Participation by Married Women," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 27-58, February.
  4. Kunreuther, Howard & Easterling, Douglas, 1990. "Are Risk-Benefit Tradeoffs Possible in Siting Hazardous Facilities?," American Economic Review, American Economic Association, vol. 80(2), pages 252-56, May.
  5. Flores, Nicholas E., 2002. "Non-paternalistic altruism and welfare economics," Journal of Public Economics, Elsevier, vol. 83(2), pages 293-305, February.
  6. Deacon, Robert T & Shapiro, Perry, 1975. "Private Preference for Collective Goods Revealed Through Voting on Referenda," American Economic Review, American Economic Association, vol. 65(5), pages 943-55, December.
  7. David Popp, 2001. "Altruism and the Demand for Environmental Quality," Land Economics, University of Wisconsin Press, vol. 77(3), pages 339-349.
  8. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
  9. repec:tpr:qjecon:v:96:y:1981:i:4:p:657-73 is not listed on IDEAS
  10. Graham, Daniel A, 1981. "Cost-Benefit Analysis under Uncertainty," American Economic Review, American Economic Association, vol. 71(4), pages 715-25, September.
  11. John B. Loomis & Pierre H. duVair, 1993. "Evaluating the Effect of Alternative Risk Communication Devices on Willingness to Pay: Results from a Dichotomous Choice Contingent Valuation Experiment," Land Economics, University of Wisconsin Press, vol. 69(3), pages 287-298.
  12. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-30, October.
  13. Hammitt, James K & Graham, John D, 1999. "Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 33-62, April.
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