Researchers designing choice modelling experiments have some latitude over the number of choice alternatives that can be offered in each choice set. There is some evidence that design dimensions, including the number of alternatives available in each choice set, can influence model outcomes. A...

In this paper, the results of empirical studies that applied two widely used methods - numerical certainty scale (NCS) and polychotmous choice (PC) - for estimating preference uncertainty adjusted willingness to pay (WTP) in contingent valuation (CV), are summarized. For this review, a number of...

Environmental policy instruments generate transaction costs to public and private parties. There is a growing literature reporting on the size of transaction costs produced by environmental policy instruments. This paper extends that literature through an analysis of the factors that influence...

This study employs a comparative analysis of the transaction costs of alternative policy instruments. The institutional approach to the allocation of resources is emerging to supplement traditional analyses of market and government failures. The causes of these failures are many, but often point...

Resource management decisions influence not only the output of the economy but also the distribution of utility between groups within the community. The theory of cost benefit analysis provides a means of incorporating distributional changes into the decision making calculus through the...

There is a growing literature reporting the extent of transaction costs for environmental policies. However understanding why transaction costs occur and why they are small or large is also important for efficient policy selection and evaluation. Following an analysis of the organisational...