This paper contrasts the discovered preference hypothesis against the theory of coherent arbitrariness in a split-sample stated choice experiment on flood risk exposure in the Netherlands. A semi-parametric local multinomial logit model (L-MNL) is developed as an alternative to the Swait and...

This paper studies patenting decisions by firms in relation to the negotiation and signing of the Helsinki and Oslo protocol as part of the Convention on Long-Range Transboundary Air Pollution. We use a uniquely constructed patent data set on SO2 abatement technologies filed in 15 signatory and...

Limited memory capacity, retrieval constraints and anchoring are central to expectation formation processes. We develop a model of adaptive expectations where individuals are able to store only a finite number of past experiences of a stochastic state variable. Retrieval of these experiences is...

This paper develops a novel approach to the economic evaluation of public policies: participatory value evaluation (PVE). PVE involves citizens directly in decisions of the government, taking into account governmental and individual budget constraints. Citizens receive reliable information on...

Cost-Benefit Analysis (CBA) for public policies assumes ‘consumer sovereignty’, implying that impacts of government projects can be expressed in monetary terms by aggregating individuals’ willingness to pay. However, individuals’ willingness to pay might not accurately reflect...

Cost-Benefit Analysis (CBA) is a widely applied economic appraisal tool to support the planning and decision-making process for transport projects. However, in the planning literature CBA has been criticized for at least three reasons: 1) CBA focuses on traditional transport system related...

This paper outlines the rationale, methodologies, key findings and policy implications of the national Value of Travel Time Savings (VTTS) study conducted in Britain during 2014-15. The study found VTTS varied with distance, trip purpose and mode of travel but not with worthwhile use of travel...

International climate negotiations take place in a setting where uncertainties regarding the impacts of climate change are very large. In this paper, we examine the influence of increasing the probability and impact of large climate change damages, also known as the 'fat tail', on the formation...

Renewable electricity plays an increasingly important role in the effort to reduce CO2 emissions in the electricity sector. One of the major challenges that must be addressed is the fluctuating supply of renewable electricity. We explore the impact of cross-border electricity transfers on both...

The paper outlines a programme of research funded under the Rural Economy and Land Use (RELU) programme. The proposed research will examine the likely effects of the Water Framework Directive (WFD) in terms of both its impacts upon the farming sector and the non-market benefits it may generate....