The multiple-bounded uncertainty choice (MBUC) value elicitation method allows respondents to indicate qualitative levels of uncertainty, as opposed to a simple yes or no, across a range of prices. We argue that MBUC responses convey subjective probabilities. We examine the decision process of...

Motivated by efficiency and equity concerns, public resource managers have increasingly utilized hybrid allocation mechanisms that combine features of commonly used price (e.g., auction) and non-price (e.g., lottery) mechanisms. This study serves as an initial investigation of these hybrid...

We extend research on the consequentiality of stated preference choices to a threshold provision mechanism for public goods. We develop a simple theoretical model of option price to analyze how option price varies with payment and provision uncertainty. We explore whether threshold provision...

Contingent valuation (CV) has become one of the most widely usednon-market valuation techniques. CV's prominence is due to itsflexibility and ability to estimate total value, includingpassive use value. Its use and the inclusion of passive use valuein benefit-cost analyses and environmental...

This paper reports the results of a stated preference study that estimates the economic value for cleaning up acid rock drainage in Colorado's Snake River watershed. In contrast to much of the existing literature, the present study emphasizes benefit estimation for three implementing projects...

We empirically investigate the effect of the payment mechanism on contingent values by asking a willingness-to-pay question with one of three different payment mechanisms: individual contribution, contribution with provision point, and referendum. We find statistical evidence of more affirmative...

The National Flood Insurance Program (NFIP) was established in 1968 and requires mandatory flood insurance for property owners who have federally backed mortgages. Krutilla (1966) noted that a compulsory national flood insurance program could greatly improve the economic efficiency of flood...

A literature search provides 83 studies from which 616 comparisons of contingent valuation (CV) to revealed preference (RP) estimates are made. Summary statistics of the CV/RP ratios are provided for the complete dataset, a 5 percent trimmed dataset, and a weighted dataset that gives equal...