Estimates of the willingness to pay (WTP) for a mortality risk reduction can be used to calculate the value of a statistical life, which is a major component in many economic evaluations of environmental and safety policies. Previous research on the WTP for risk reductions using stated preference methods have found that the mean WTP for public risk reductions is significantly smaller compared t...

Abstract Altruistic preferences have been found to be important for explaining the substantial non-use values identified in numerous stated preference surveys. However, studies analysing effect of altruism on willingness pay (WTP) underestimated challenges measuring by measures. We exploit a naturally occurring decision domain investigate role studies. employ novel dataset, collected from an In...

There is wide-ranging evidence, much of it deriving from economics experiments, of ‘anomalies’ in behaviour that challenge standard preference theories. This paper explores the implications of these anomalies for preference elicitation methods. Because methods that are used to inform public policy, such as contingent valuation, are based on standard preference theories, their validity may be ca...

It is often difficult to determine what actually was done in work involving data collected with stated preference surveys because the terms used to describe various procedures have ambiguous and sometimes conflicting meanings. Further, terms used to describe data collection procedures often are confounded with terms used to describe statistical techniques. We call for the use of a common nomenc...

In this article we describe the contingent valuation and behavior methods scenario developed in the 1995 Albemarle-Pamlico Sounds Survey. The survey elicits revealed and stated preference recreation behavior data which are used to estimate the value of water quality improvements [4,8]. The survey elicits willingness to pay data which are used to conduct a split-sample scope test [7]. The data a...

Most decisions are made in the face of uncertainty due to incomplete evidence. The strength/weight hypothesis is that people are more persuaded when that evidence is extreme (high strength) than when it is reliable (high weight), even when these two dimensions of evidence are equivalent according to Bayes Rule. We investigate this hypothesis in an incentive-compatible revealed preference experi...