Purpose The purpose of this paper is to theoretically using two new models to analyze the effect of respondents’ uncertainty about their stated willingness to pay (WTP) on welfare estimates in the contingent valuation method (CVM) theoretically using two new models, and empirically to reveal...

Compared with the previous researches giving scattered and qualitative discussions about the exchange rate expectation China's foreign exchange reserves (FER), this paper conducted an empirical research by adding the exchange rate expectation. Starting from the evolution path of RMB exchange...