This paper presents a series of experiments that confront subjects with low probability, high loss situations. A rich parameter set is examined and we find subjects respond to low probability, high loss risks in predictable ways. As loss events become more likely, or loss amounts get larger, or...

Although the majority of contingent valuation studies have been for environmental goods, the method can be applied to public goods in general. Further, a specific environmental policy may generate both positive and negative nonmarket values. This exploratory study investigates the presence of...