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

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

Abstract

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.

Suggested Citation

  • Riddel, Mary C. & 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).
  • Handle: RePEc:ags:aaea02:19662
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    Cited by:

    1. Liao, Shu-Yi & Tseng, Wei-Chun & Chen, Chi-Chung, 2010. "Eliciting public preference for nuclear energy against the backdrop of global warming," Energy Policy, Elsevier, vol. 38(11), pages 7054-7069, November.
    2. Sabina Shaikh & Lili Sun & G. Cornelis van Kooten, 2005. "Are Agricultural Values a Reliable Guide in Determining Landowners’ Decisions to Create Carbon Forest Sinks?," Working Papers 2005-09, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group.
    3. Cai, Yongxia & Shaw, W. Douglass & Wu, Ximing, 2008. "Risk Perception and Altruistic Averting Behavior: Removing Arsenic in Drinking Water," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6149, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Shaikh, Sabina L. & Sun, Lili & van Kooten, G. Cornelis, 2005. "Are Agricultural Values a Reliable Guide in Determining Landowners’ Decisions to Create Carbon Forest Sinks?," Working Papers 37017, University of Victoria, Resource Economics and Policy.
    5. Riddel, Mary C. & 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.
    6. van Kooten, G. Cornelis, 2008. "Biological Carbon Sequestration and Carbon Trading Re-visited," Working Papers 37083, University of Victoria, Resource Economics and Policy.
    7. van Kooten, G. Cornelis & Sohngen, Brent, 2007. "Economics of Forest Ecosystem Carbon Sinks: A Review," Working Papers 37037, University of Victoria, Resource Economics and Policy.
    8. Kreye, Melissa M. & Adams, Damian C. & Escobedo, Francisco J. & Soto, José R., 2016. "Does policy process influence public values for forest-water resource protection in Florida?," Ecological Economics, Elsevier, vol. 129(C), pages 122-131.
    9. Alejandro Guevara & Juan Manuel Torres, 2014. "Bequest motive for conservation in timber production communities," Working Papers 0614, Universidad Iberoamericana, Department of Economics.
    10. Shaw, W. Douglass & Woodward, Richard T., 2008. "Why environmental and resource economists should care about non-expected utility models," Resource and Energy Economics, Elsevier, vol. 30(1), pages 66-89, January.
    11. Contu, Davide & Strazzera, Elisabetta & Mourato, Susana, 2016. "Modeling individual preferences for energy sources: The case of IV generation nuclear energy in Italy," Ecological Economics, Elsevier, vol. 127(C), pages 37-58.
    12. 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.

    More about this item

    Keywords

    Resource /Energy Economics and Policy;

    JEL classification:

    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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