Incorporating outcome uncertainty and prior outcome beliefs in stated preferences

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Standard

Incorporating outcome uncertainty and prior outcome beliefs in stated preferences. / Lundhede, Thomas; Jacobsen, Jette Bredahl; Hanley, Nick; Strange, Niels; Thorsen, Bo Jellesmark.

I: Land Economics, Bind 91, Nr. 2, 2015, s. 296-316.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Lundhede, T, Jacobsen, JB, Hanley, N, Strange, N & Thorsen, BJ 2015, 'Incorporating outcome uncertainty and prior outcome beliefs in stated preferences', Land Economics, bind 91, nr. 2, s. 296-316. https://doi.org/10.3368/le.91.2.296

APA

Lundhede, T., Jacobsen, J. B., Hanley, N., Strange, N., & Thorsen, B. J. (2015). Incorporating outcome uncertainty and prior outcome beliefs in stated preferences. Land Economics, 91(2), 296-316. https://doi.org/10.3368/le.91.2.296

Vancouver

Lundhede T, Jacobsen JB, Hanley N, Strange N, Thorsen BJ. Incorporating outcome uncertainty and prior outcome beliefs in stated preferences. Land Economics. 2015;91(2):296-316. https://doi.org/10.3368/le.91.2.296

Author

Lundhede, Thomas ; Jacobsen, Jette Bredahl ; Hanley, Nick ; Strange, Niels ; Thorsen, Bo Jellesmark. / Incorporating outcome uncertainty and prior outcome beliefs in stated preferences. I: Land Economics. 2015 ; Bind 91, Nr. 2. s. 296-316.

Bibtex

@article{496de0b8d9fc44c5857eb0e3862a88d9,
title = "Incorporating outcome uncertainty and prior outcome beliefs in stated preferences",
abstract = "Stated preference studies tell respondents that policies create environmental changes with varying levels of uncertainty. However, respondents may include their own a priori assessments of uncertainty when making choices among policy options. Using a choice experiment eliciting respondents{\textquoteright} preferences for conservation policies under climate change, we find that higher outcome uncertainty reduces utility. When accounting for endogeneity, we find that prior beliefs play a significant role in this cost of uncertainty. Thus, merely stating “objective” levels of outcome uncertainty will not necessarily solve the problem of people valuing something differently from originally intended: respondents{\textquoteright} prior beliefs must be accounted for.",
author = "Thomas Lundhede and Jacobsen, {Jette Bredahl} and Nick Hanley and Niels Strange and Thorsen, {Bo Jellesmark}",
year = "2015",
doi = "10.3368/le.91.2.296",
language = "English",
volume = "91",
pages = "296--316",
journal = "Land Economics",
issn = "0023-7639",
publisher = "UNIV WISCONSIN PRESS",
number = "2",

}

RIS

TY - JOUR

T1 - Incorporating outcome uncertainty and prior outcome beliefs in stated preferences

AU - Lundhede, Thomas

AU - Jacobsen, Jette Bredahl

AU - Hanley, Nick

AU - Strange, Niels

AU - Thorsen, Bo Jellesmark

PY - 2015

Y1 - 2015

N2 - Stated preference studies tell respondents that policies create environmental changes with varying levels of uncertainty. However, respondents may include their own a priori assessments of uncertainty when making choices among policy options. Using a choice experiment eliciting respondents’ preferences for conservation policies under climate change, we find that higher outcome uncertainty reduces utility. When accounting for endogeneity, we find that prior beliefs play a significant role in this cost of uncertainty. Thus, merely stating “objective” levels of outcome uncertainty will not necessarily solve the problem of people valuing something differently from originally intended: respondents’ prior beliefs must be accounted for.

AB - Stated preference studies tell respondents that policies create environmental changes with varying levels of uncertainty. However, respondents may include their own a priori assessments of uncertainty when making choices among policy options. Using a choice experiment eliciting respondents’ preferences for conservation policies under climate change, we find that higher outcome uncertainty reduces utility. When accounting for endogeneity, we find that prior beliefs play a significant role in this cost of uncertainty. Thus, merely stating “objective” levels of outcome uncertainty will not necessarily solve the problem of people valuing something differently from originally intended: respondents’ prior beliefs must be accounted for.

U2 - 10.3368/le.91.2.296

DO - 10.3368/le.91.2.296

M3 - Journal article

VL - 91

SP - 296

EP - 316

JO - Land Economics

JF - Land Economics

SN - 0023-7639

IS - 2

ER -

ID: 153108340