Preference Uncertainty in Non-Market Valuation: A Fuzzy Approach
In this article, we consider uncertain preferences for non-market goods, but we move away from a probabilistic representation of uncertainty and propose the use of fuzzy contingent valuation. We assume that a decision maker never fully knows her own utility function and we treat utility as a fuzzy number. The methodology is illustrated using data on forest valuation in Sweden. Fuzzy contingent valuation provides estimates of resource value in the form of a fuzzy number and includes estimates obtained using a standard probabilistic approach. Copyright 2001, Oxford University Press.
Year of publication: |
2001
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Authors: | Kooten, G. Cornelis van ; Krcmar, Emina ; Bulte, Erwin H. |
Published in: |
American Journal of Agricultural Economics. - Agricultural and Applied Economics Association - AAEA. - Vol. 83.2001, 3, p. 487-500
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Publisher: |
Agricultural and Applied Economics Association - AAEA |
Saved in:
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