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Indirect Methods for Valuing Changes in Environmental Risks with Nonexpected Utility Preferences

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  • Freeman, A Myrick, III

Abstract

Theoretical models for estimating individuals' values for sure improvements in environmental quality are well developed. These models can be classified as being based on averting behavior, hedonic prices, or weak complementarity. Some of these models have also been applied to the task of valuing changes in risk based on expected utility theory. This article provides a systematic development of these models for changes in either the probability or the magnitude of an uncertain event and shows that the derived expressions for individual preferences is continuous, convex, and twice differentiable. Copyright 1991 by Kluwer Academic Publishers

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  • Freeman, A Myrick, III, 1991. "Indirect Methods for Valuing Changes in Environmental Risks with Nonexpected Utility Preferences," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 153-165, April.
    • Handle: RePEc:kap:jrisku:v:4:y:1991:i:2:p:153-65
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    Cited by:

    1. Charles Mason & Jason Shogren & Chad Settle & John List, 2005. "Investigating Risky Choices Over Losses Using Experimental Data," Journal of Risk and Uncertainty, Springer, vol. 31(2), pages 187-215, September.
    2. Glenn C. Blomquist, 2004. "Self-Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," Review of Economics of the Household, Springer, vol. 2(1), pages 89-110, March.
    3. Park, Timothy A. & Hartley, Judy, 1998. "Promoting Farm Safety With Economic And Managerial Incentives," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20929, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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