On the Valuation of Uncertainty in Welfare Analysis.
This article develops a general model of private and public choice under temporal uncertainty. The model incorporates the effects of risk preferences and the prospect of future learning into both the individual and aggregate valuations of public projects. The analysis provides new insights on individual valuation, its implications for benefit-cost analysis and the characterization of Pareto-efficiency under uncertainty. It also resolves some of the confusion in the option value and quasi-option value literature. Copyright 2002 by American Agricultural Economics Association
Year of publication: |
2002
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Authors: | Chavas, Jean-Paul ; Mullarkey, Daniel |
Published in: |
American Journal of Agricultural Economics. - American Agricultural Economics Association. - Vol. 84.2002, 1, p. 23-38
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Publisher: |
American Agricultural Economics Association |
Saved in:
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