As nutrients and sediment in agricultural watersheds continue to degrade water quality, attention is increasingly given to reverse auctions to cost-effectively address these pollutants. Typically, reverse auctions include a selection process which depends on both the monetary bid and a ranking...

This paper provides a convergent validity test of two types of multinomial choice questions vis-¨¤-vis a dichotomous choice question by formally testing whether these stated preference elicitation question formats provide comparable welfare estimates. In particular, a dichotomous choice...

This article reviews and analyzes the issues related to worldwide hypoxic zones and the range of economic questions sorely in need of answers. We begin by describing the extent and causes of hypoxic zones worldwide, followed by a review of the evidence concerning ecological effects of hypoxic...

"Due to payoff uncertainties combined with risk aversion and/or real options, farmers may demand a premium in order to adopt conservation tillage practices, over and above the compensation for the expected profit losses (if any). We propose a method of directly estimating the financial...

We investigate the extent to which dichotomous choice referenda responses are shaped by whether the individual believes the survey itself will ultimately impact policy. Using survey data from the Iowa Lakes Project, we test this supposition. Specifically, we employ a Bayesian treatment effect...

This paper provides an empirical assessment of the magnitude of option values relative to expected surplus using a model presented by Larson and Flacco (1992). Option values and option prices are computed for both simulated data sets and actual estimates of recreation demands. Results indicate...

The substantial reductions in motor vehicle emissions that have occurred since the late 1960s have been accompanied by continuous increases in vehicle emission control costs, and cost increases or decreases due to changes in vehicle performance such as driveability, power, fuel economy, and...

This paper presents results of an empirical study of emission banking for light-duty vehicle manufacturers. An intertemporal model of manufacturers' choices is combined with econometrically estimated abatement cost functions to simulate the cost savings and emission effects of an averaging,...