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Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility … robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …
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-pecuniary component of utility associated with each choice alternative. Previous work has found that, without parametric restrictions or …-pecuniary component of utility associated with each choice alternative. We develop nonparametric estimators corresponding to two …
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A conservation good, such as the rainforest, is a hostage: it is possessed by S who may prefer to consume it, but B receives a larger value from continued conservation. A range of prices would make trade mutually beneficial. So, why doesn't B purchase conservation, or the forest, from S?
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