A dynamic optimatization model incorporating interrelationships among soil loss, topsoil depth, net farm income, and technological progress is developed. The model provides optimal values of soil loss and soil depth which maximize the stream of net farm ...

The importance of stressing the realism or policy relevance of a contingent valuation (CV) survey is commonly recognized by CV researchers. This paper focuses on the relationship between the probability that a subject's response will result in "real" consequences and the subject's accurate...

We provide controlled laboratory evidence that open-ended hypothetical surveys do not always accurately elicit real economic commitments from individuals. We argue that they can provide biased measures of true values, where the latter are elicited using incentive-compatible institutions. We also...