Using data from what was once one of the world’s largest capture fisheries, the northern cod fishery, the economic value of a marine reserve is calculated using a stochastic optimal control model with a jump-diffusion process. Counterfactual analysis shows that with a stochastic environment an...

A serious problem facing fisheries managers is how to improve estimates of the distortion in stock assessments resulting from "fouling" of commercial catch data. We propose a simple analytical model of discarding and high-grading, and estimate the "data fouling factor"—the wedge between what...

We empirically investigate the effect of the payment mechanism on contingent values by asking a willingness-to-pay question with one of three different payment mechanisms: individual contribution, contribution with provision point, and referendum. We find statistical evidence of more affirmative...

The multiple-bounded uncertainty choice (MBUC) value elicitation method allows respondents to indicate qualitative levels of uncertainty, as opposed to a simple yes or no, across a range of prices. We argue that MBUC responses convey subjective probabilities. We examine the decision process of...

When employing travel cost models, the unit cost of the essential input (travel) in the household’ s production of a recreation experience is central to obtaining the preference structure for the recreational good. However, little attention has been given to the choice of the route although...

Using an economic experiment in conjunction with a survey, we analyze whether consumers’ hypothetical willingness-to-pay responses are effective predictors of actual market behavior. We model revealed preferences as a function of socio-demographic characteristics and instrumental variables...

This paper combines an established revealed-preference method, discrete-choice hedonic analysis, and a relatively new stated-reference method, choice-based conjoint analysis, in order to estimate more accurately the aesthetic benefits generated by the presence and quality of environmental...

Travel cost models are routinely used to assess the impact of policy changes on consumer’ s surplus. In this paper we show that when the policy change leads to a partial closure of the resource, then the standard use of consumer’ s surplus per trip can be inappropriate depending upon the...

This paper considers some implications of L*-ordering, an incommensurable preference model proposed in earlier CVliterature. The structure and existence of inverse demand functions is shown to be a function of three elements, the relationship between goods and wants, WTA/ WTP formats and the...

Given potential growth in outdoor rock climbing and its concentration on public lands, the management of climbing access in wilderness areas is an issue of considerable national controversy in the United States. A proposed rule change by the U.S. Forest Service (USFS) would prohibit the use of...