This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge against inflation. Furthermore, the...

This paper investigates the idea that people are unsure about the value they place on prospective changes in environmental goods. In particular, we focus on a parametric explanation of the determinants of a "value gap," the difference between the most someone is sure they would pay for an...

Welfare change estimates obtained from discrete-response contingent valuation experiments normally assume a particular distribution of willingness-to-pay (W TP).U sing conventional microeconomic theory, we derive upper and lower bounds on such estimates. These bounds are interpreted...