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The Estimation of Indifference Maps by Expected Utility Analysis

Author

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  • Jeff Bennett
  • Ben Smith

Abstract

The indifference curve estimation procedure proposed and used by Sinden to value nonmarketed goods implicitly adopts the assumption that a two-good utility function can be obtained by the simple addition of two single-good utility functions. The results of two experiments indicate that using the strict additivity assumption is likely to bias the indifference maps so derived. While an alternative nonadditive technique is proposed, it is found that, as with Sinden's technique, it is subject to such a large degree of respondent inconsistency that doubt is cast on the usefulness of the results obtained and on the practicality of this general approach.

Suggested Citation

  • Jeff Bennett & Ben Smith, 1985. "The Estimation of Indifference Maps by Expected Utility Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 833-838.
    • Handle: RePEc:oup:ajagec:v:67:y:1985:i:4:p:833-838.
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    File URL: http://hdl.handle.net/10.2307/1241823
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    Cited by:

    1. Fisher, Ann & Wheeler, William J. & Zwick, Rami, 1993. "Experimental Methods in Agricultural and Resource Economics: How Useful are They?," Agricultural and Resource Economics Review, Cambridge University Press, vol. 22(2), pages 103-116, October.

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