Contingent Valuation, Hypothetical Bias, and Experimental Economics

Although the contingent valuation method has been widely used to value a diverse array of nonmarket environmental and natural resource commodities, recent empirical evidence suggests it may not accurately estimate real economic values. The hypothetical nature of environmental valuation surveys typically results in responses that are significantly greater than actual payments. Economists have had mixed success in developing techniques designed to control for this "hypothetical bias." This paper highlights the role of experimental economics in addressing hypothetical bias, and identifies a gap in the existing literature by focusing on the underlying causes of this bias. Most of the calibration techniques used today lack a theoretical justification, and therefore these procedures need to be used with caution. We argue that future experimental research should investigate the reasons hypothetical bias persists. A better understanding of the causes should enhance the effectiveness of calibration techniques.Environmental Economics and Policy,

Sources of phosphorus inputs from the atmosphere and their significance to oligotrophic lakes

Precipitation in the Chicago area was analyzed and found to contain .034 mg/l. of phosphorus with about one half of this present as orthophosphate. Because of the small amounts of phosphorus needed to stimulate the growth of organisms in bodies of water which are phosphorus limited, these inputs from the atmosphere are important to many natural bodies of water. From one-fifth to one-third of the phosphorus going into Lake Michigan is from precipitation. The sources of this phosphorus were investigated and found to be almost all sources of particulate matter. With the exception of emissions from the fertilizer industry these were found to contain a relatively consistent 0.1 percent phosphorus. Since the discharge of particulates to the atmosphere are being controlled, contributions of phosphorus to bodies of water from the atmosphere would also be controlled.U.S. Department of the InteriorU.S. Geological SurveyOpe

We Saw the Elephant: Overland Diaries from the Lander Trail

Review of: "We Saw the Elephant: Overland Diaries From the Lander Trail," by Peter T. Harstad

Intellectual Property Law - Dreamwerks Production Group, Inc. v. SKG Studio

In Dreamwerks Production Group, Inc. v. SKG Studio the United States Court of Appeals for the Ninth Circuit evaluated whether the trademarks Dreamwerks and Dream Works were likely to confuse the reasonable consumer. Traditionally, a well-known, senior trademark user will sue a lesser-known, junior trademark user in order to protect its goodwill and prevent customer confusion. In Dreamwerks, however, the parties\u27 positions were reversed, with the lesser-known, senior user, Dreamwerks Production Group, suing the better-known, yet junior user, SKG Studio. The Ninth Circuit held that, like every other new company, SKG Studio was required to select a name that would not cause consumer confusion with an already existing senior user

A Comparison of Induced Value and Home-Grown Value Experiments to Test for Hypothetical Bias in Contingent Valuation

This study tests the hypothesis that hypothetical bias may not be related to value elicitation; rather it may be a value formation problem. When participants are asked to indicate their willingness to pay for an induced value good, we find no evidence of hypothetical bias for three different commodity types (public good, private good, and publicly provided private good). However, when these same subjects are asked to value homegrown goods with no pre-assigned induced value using the same elicitation mechanism, hypothetical values are roughly double actual payments in all three cases. These results support the hypothesis that the process of forming values in a homegrown setting may be a key contributor to hypothetical bias.contingent valuation, hypothetical bias, experiments, induced values, home-grown values

It\u27s Just Another Little Bit of History Repeating: UCITA in the Evolving Age of Information

This article will address the procedural and substantive reasons why UCITA is, in fact, overly ambitious. With regard to procedure, Part II.A of this comment will outline the historical naissance and development of the highly successful Uniform Commercial Code and contrast that with the development of UCITA. With regard to substance, Part II.B will address what many practitioners have cited as key objections to UCITA. Further, Part II.B discusses examples of terms used in UCITA and compares them to those of common, established practice. Differentiating UCITA from the UCC in these ways will illustrate how UCITA misses the mark it so fervently sought to hit and how, consequently, it is likely to add confusion to an otherwise emerging body of law. Finally, as an alternative to adoption of UCITA at the state level, Part III will present an analysis of existing mechanisms capable of managing the unique problems faced in this Age of Information. Part III will also present a feasible course of action regarding how the legal profession, and those industries affected by UCITA, might otherwise view legal developments absent this Act. In this veritable renaissance in which we live, this article posits that we presently have the tools we need to accommodate the current issues arising out of computer transactions

True Tales of the Prairies and Plains

Review of: "True Tales of the Prairies and Plains," by David Dary

It\u27s Just Another Little Bit of History Repeating: UCITA in the Evolving Age of Information

This article will address the procedural and substantive reasons why UCITA is, in fact, overly ambitious. With regard to procedure, Part II.A of this comment will outline the historical naissance and development of the highly successful Uniform Commercial Code and contrast that with the development of UCITA. With regard to substance, Part II.B will address what many practitioners have cited as key objections to UCITA. Further, Part II.B discusses examples of terms used in UCITA and compares them to those of common, established practice. Differentiating UCITA from the UCC in these ways will illustrate how UCITA misses the mark it so fervently sought to hit and how, consequently, it is likely to add confusion to an otherwise emerging body of law. Finally, as an alternative to adoption of UCITA at the state level, Part III will present an analysis of existing mechanisms capable of managing the unique problems faced in this Age of Information. Part III will also present a feasible course of action regarding how the legal profession, and those industries affected by UCITA, might otherwise view legal developments absent this Act. In this veritable renaissance in which we live, this article posits that we presently have the tools we need to accommodate the current issues arising out of computer transactions