11,768 research outputs found
Correction to: Do pain, anxiety and depression influence quality of life for people with amyotrophic lateral sclerosis/motor neuron disease? A national study reconciling previous conflicting literature.
The original version of this article unfortunately contained a mistake. Oliver Hanemann name was incorrect in the in the acknowledgements section of this paper
A comment on "An arbitrage-free approach to quasi-option value" by Coggins and Ramezani
In their article ?An Arbitrage-Free Approach to Quasi-Option Value? [J. Environm. Econom. Management 35, 103-125, 1998], Coggins and Ramezani interpreted the concept of quasi-option value introduced by Arrow and Fisher [Quart. J. Econom. 88, 1974, 312-319] as being identical to Dixit and Pindyck?s real option value. This means their approach differs from the approach by Fisher and Hanemann [J. Environm. Econom. Management 14, 183-190, 1987] who formalized the concept of quasi-option value a decade before. By indirectly characterizing Dixit and Pindyck?s real option value Coggins and Ramezani confirmed classic results in the field of real options theory. --
A Nested Logit Model of Recreational Fishing Demand in Alaska
Travel cost analysis, bioeconomic modeling, Public Economics, Research Methods/ Statistical Methods, Q26, Q22, C35,
Preferences Yielding the "Precautionary Effect"
Consider an agent taking two successive decisions to maximize his expected
utility under uncertainty. After his first decision, a signal is revealed that
provides information about the state of nature. The observation of the signal
allows the decision-maker to revise his prior and the second decision is taken
accordingly. Assuming that the first decision is a scalar representing
consumption, the \emph{precautionary effect} holds when initial consumption is
less in the prospect of future information than without (no signal).
\citeauthor{Epstein1980:decision} in \citep*{Epstein1980:decision} has provided
the most operative tool to exhibit the precautionary effect. Epstein's Theorem
holds true when the difference of two convex functions is either convex or
concave, which is not a straightforward property, and which is difficult to
connect to the primitives of the economic model. Our main contribution consists
in giving a geometric characterization of when the difference of two convex
functions is convex, then in relating this to the primitive utility model. With
this tool, we are able to study and unite a large body of the literature on the
precautionary effect
Torts and the Protection of "Legally Recognized" Interests
The law of torts plays an important role in completing the legal property rights system by defining the extent to which property is protected from harm. It does this by defining the kinds of interests that will be recognized and protected from harm by the courts, the duty of care owed these recognized interests by others, and the manner in which they will be protected through monetary compensation, restitution, or injunction. Together, these three elements of torts define a right in the “bundle of rights” that constitute property. In this paper, we develop a systematic approach to formalizing the nature of the property rights protected by tort law. We use this approach to reexamine the literature on compensation for nonpecuniary damages. This reexamination demonstrates how recognizing tort’s role in defining property rights and having a way of formalizing these rights can provide deeper insight into old questions torts scholarship.torts, property rights, liability, compensation, damages, insurance
Recommended from our members
The economic impacts of climate change: Evidence from agricultural output and random fluctuations in weather: Comment
In a series of studies employing a variety of approaches, we have found that the potential impact of climate change on US agriculture is likely negative. Deschênes and Greenstone (2007) report dramatically different results based on regressions of agricultural profits and yields on weather variables. The divergence is explained by (1) missing and incorrect weather and climate data in their study; (2) their use of older climate change projections rather than the more recent and less optimistic projections from the Fourth Assessment Report; and (3) difficulties in their profit measure due to the confounding effects of storage
Performance Practice Bibliography (1987)
A bibliography of important books and/or articles published up to 1987
SOME ISSUES IN DISCRETE RESPONSE CONTINGENT VALUATION STUDIES
Resource /Energy Economics and Policy,
Valuing biodiversity enhancement in New Zealand
The value of biodiversity enhancement in New Zealand was estimated from a survey sample of 457 residents. We determined the willingness of respondents to financially support biodiversity programs on private and public lands, as well as determining which factors influence this willingness-to-pay. Our data indicates that an average respondent was willing-to-pay 82 (2007 NZD) annually to support a biodiversity programme on public lands
Referendum Design and Contingent Valuation: The NOAA Panel's No-Vote Recommendation
In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The product of the Panel's deliberations was a report that laid out a set of recommended guidelines for CV survey design, administration, and data analysis. One of the Panel's recommendations was that CV surveys should employ a referendum approach. This method describes a choice mechanism that asks each respondent how they would vote if faced with a particular program and the prospect of paying for the program through some means, such as higher taxes. The Panel also recommended that CV referendum questions which commonly use only "for" or "against" answers should be expanded to explicitly offer an "I would-not-vote" response. The purpose of this paper is to consider the effects of such a "would-not-vote" option. In developing the test, we followed the important elements of the NOAA Panel guidelines for the design and administration of a CV survey and use what was acknowledged(by the Panel) as the most carefully developed CV questionnaire to that time, that is, the State of Alaska's study of the Exxon Valdez oil spill. Our findings suggest that when those selecting the "would-not-vote" response are treated as having voted "against" the offered program, offering the option does not alter: (a) the distribution of "for" and "against" responses, (b) the estimates of WTP derived from these choices, or (c) the construct validity of the results.
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