@article{edaac94347a34b7a9da32a1ab4602fa1,
title = "Measuring values for environmental resources under uncertainty",
abstract = "The relationship between conventional Hicksian measures of the benefits from changes in environmental amenities under certainty, and corresponding measures of valuation when the conditions of access to an uncertain environmental resource are changed, is considered. The analysis utilizes a contingent commodity framework with the assumption of state-dependent preferences. The findings suggest that the valuation of these changes will depend upon the availability of fair markets for diversifying risk. Moreover, conventional measures of compensating or equivalent surplus will not necessarily bound the individual's valuation of a change in access to an uncertain environmental resource.",
author = "Gallagher, {David R.} and Smith, {V. Kerry}",
note = "Funding Information: {\textquoteleft}The authors are Senior Lecturer, School of Economics, University of New South Wales, and Centennial Professor of Economics, Vanderbilt University. Smith acknowledges partial support for this research from the University of North Carolina{\textquoteright}s Research Council and the U.S. Environmental Protection Agency. Thanks are due Ronald Cummings, William Desvousges, Jack Knetsch, William Schulze, and two anonymous referees for helpful comments on an earlier draft of this paper. *One recent example of this new policy interest in benefit-cost analysis can be found in Executive Order 12291. This order was issued by President Reagan on February 17, 1981. It requires that a Regulatory Impact Analysis (RIA) be conducted and sent to the Office of Management and Budget before undertaking any new regulatory actions. These RIA{\textquoteright}s must include a calculation the benefits and costs of a proposed regulation and compare them with other approaches.",
year = "1985",
month = jun,
doi = "10.1016/0095-0696(85)90023-3",
language = "English (US)",
volume = "12",
pages = "132--143",
journal = "Journal of Environmental Economics and Management",
issn = "0095-0696",
publisher = "Academic Press Inc.",
number = "2",
}