The predictions of widely prescribed global and country level environmental policies at present are based mainly on mainstream economic models, which treat individual actors to be 'unboundedly rational' in their decision making. In recent years, however, behavioral and experimental economists...

Contingent Valuation Method (CVM) is a frequently used non-market valuation method of eliciting use values of infrastructural projects in developing countries. The main criticism against it is that it has biases and the results are unreliable. Yet, it is used indiscriminately, especially in the...