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In this article we develop a general conceptual model of a property-owner’s decision to implement actions to protect his property against wildfire threat. Assuming a prospective-utility maximizing decision maker, we derive a system of demand functions for fire-safe actions that characterizes...
Persistent link: https://www.econbiz.de/10009446165
The spread of invasive annual grasses and resulting escalation of wildfire frequency and severity pose a significant and growing threat to the economic and ecological viability of the rangelands in the Great Basin. While private ranchers have the option to limit the severity of wildfires through...
Persistent link: https://www.econbiz.de/10009446166
This paper contributes towards the development of an approach that would generate welfare measures that accommodate non-expected utility risk preferences. Combining the merits of elicitation approaches used in field experiments with contingent valuation, we embed an experimental design that...
Persistent link: https://www.econbiz.de/10009446168
We analyse efficiency problems of incentive-compatible contracts under moral hazard and/or adverse selection in the context of private resource management. The paper contributes to defining the regulatory role in creating an optimal information environment between regulator and private resource...
Persistent link: https://www.econbiz.de/10009444913