Including risk in stated-preference economic valuations: Experiments on choices for marine recreation

Jeffrey Wielgus*, Leah R. Gerber, Enric Sala, Jeff Bennett

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    62 Citations (Scopus)

    Abstract

    Stated-preference surveys for the economic valuation of environmental resources typically assume no uncertainty in the hypothetical valuation scenarios. However, the outcomes of environmental policies are uncertain. We explored the effects of including information on probabilities of attribute improvement and provision in choice experiments. Our results suggest that stating explicitly a high probability for the occurrence of the valuation scenario can improve the goodness of fit of choice models and the consistency of choices. As the general public becomes more aware of the uncertainty of environmental outcomes under global change, omitting information on scenario risk may contribute to hypothetical bias and impair the validity of stated-preference valuations.

    Original languageEnglish
    Pages (from-to)3401-3409
    Number of pages9
    JournalJournal of Environmental Management
    Volume90
    Issue number11
    DOIs
    Publication statusPublished - Aug 2009

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