Valuing amenity resources under uncertainty: A skeptical view of recent resolutions

This paper questions Colby and Cory's recent characterization [1987, 1988, 1989] of the appropriate benefit measures to be used to value improvements in the quantity, quality, or conditions of access to environmental resources under uncertainty. The paper uses Graham's [1981] analysis of individual and aggregate welfare measurement under uncertainty to demonstrate the problems with Colby and Cory's recommendations. It evaluates their classification of important research issues and summarizes in general terms the difficulties that arise in the practical implementation of the conceptual measures for benefits under uncertainty.