Institutions do matter in managing water scarcity. Institutional reforms in water sector in recent years have tried to replace the existing ‘command-and-control approach’ with more innovative and comprehensive marketbased approach. Based on a comprehensive literature review, this paper...

Contingent Valuation Method (CVM) is a frequently used non-market valuation method of eliciting use values of infrastructural projects in developing countries. The main criticism against it is that it has biases and the results are unreliable. Yet, it is used indiscriminately, especially in the...

The predictions of widely prescribed global and country level environmental policies at present are based mainly on mainstream economic models, which treat individual actors to be 'unboundedly rational' in their decision making. In recent years, however, behavioral and experimental economists...