Researchers and practitioners are dealing intensively with the real option valuation. One of generalised types is reversible multi-mode American options. These options solved mainly by applying stochastic discrete binomial models. Uncertainty a typical feature valuation, two basic representation distinguished: risk (stochastic) imprecision (fuzzy). The fuzzy-stochastic models indicate modelling...

JEL classification: Q1 Q2 Q5 Most ecosystem services (ES) are neither priced nor marketed. Resource managers may fail to take into account degradation of unpriced services in their resource management decisions. Being able to estimate values for ES is fundamental to designing policies to induce resource users to provide (or improve) ES at levels that are acceptable to society. Conducting ecosys...

In this paper we employ a stated preference environmental valuation technique, namely the choice experiment method, to estimate local public‟s willingness to pay (WTP) for improvements in the capacity and technology of a sewage treatment plant (STP) in Chandernagore municipality, located on the banks of the River Ganga in India. A pilot choice experiment study is administered to 150 randomly se...

This work attempts to measure the direction and size of misrepresentation in the answers to referendum type contingent valuation (CV). In a laboratory experiment simulating a simple public project, participants are asked to reveal, by means of a CV procedure, their induced Willingness To Pay (WTP) for this project. The results of the experiment indicate that, at least in a symmetric environment...

The existing Data Envelopment Analysis models for evaluating the relative eciency of a set of decision making units by using various inputs to produce various outputs are limited to crisp data in crisp production possibility set. In this paper, rst of all the production possibility set is extended to the fuzzy production possibility set by extension principle in constant return to scale, and th...

This paper explores the potential impacts of introducing real economic incentives in Choice Experiments (CE). While many others have investigated such impacts before, the majority of the literature has focused solely on mitigation of hypothetical bias. We contribute to this literature by widening the scope of research to other behavioural aspects where consumers in CE are often found to deviate...

This paper develops a generalized framework for hedonic estimation that exploits experimental and quasi-experimental designs to relax many assumptions required by previous approaches. In the context of an idealized experiment, the identifiability is established of the distribution across consumers of the Marginal Willingness to Pay (MWTP) for a given product-specific amenity with few restrictio...

F with fragmented markets, saturated and demanding customers, and global competition, firms increasingly must design and offer a line of innovative, quality-differentiated products to target customers with differing willingness to pay (WTP). In this context, designing a special class of products that we term developmentintensive products (DIPs)—for which the fixed costs of development far outwe...