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

Jeffrey Wielgus, Leah Gerber, Enric Sala, Jeff Bennett

Research output: Contribution to journalArticle

43 Scopus citations

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 (US)
Pages (from-to)3401-3409
Number of pages9
JournalJournal of Environmental Management
Volume90
Issue number11
DOIs
StatePublished - Aug 1 2009

Keywords

  • Choice experiments
  • Diving
  • Economic valuation
  • Fishing
  • Hypothetical bias
  • Recreation
  • Risk
  • Stated preferences
  • Survey design
  • Uncertainty

ASJC Scopus subject areas

  • Environmental Engineering
  • Waste Management and Disposal
  • Management, Monitoring, Policy and Law

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