To assess demand for non-market goods, researchers must sometimes resort to direct elicitation of consumer tradeoffs with the use of surveys. Stated preference (SP) methods typically involve surveys of consumers wherein choice scenarios are posed to respondents and individuals are asked to...

Stated preference methods using surveys to elicit willingness to pay have been shown to suffer from hypothetical bias and scope/scale bias. Hypothetical bias usually means that willingness to pay is exaggerated in the hypothetical scenario and scope/scale bias means that there is an...

To assess demand for non-market goods, researchers must sometimes resort to direct elicitation of consumer tradeoffs with the use of surveys. Stated preference (SP) methods typically involve surveys of consumers wherein choice scenarios are posed to respondents and individuals are asked to...

Abstract: Public investments are dynamic in nature, and decision making must account for the uncertainty, irreversibility and potential for future learning. In this paper we adapt the theory for investment under uncertainty for a public referendum setting and perform the first empirical test to...