Conventional hedonic analysis measures willingness to pay for attributes on the basis of marginal fixed costs. We argue that in many cases variable costs are also affected by these attributes and that this should be taken into account. We develop a simple model to show that the marginal...

This paper proposes a flexible modelling approach for either stated or revealed preference nonmarket valuation studies based on Generalized Additive Models (GAMs). GAMs encompass non-linear relationships via smooth functions, thereby avoiding imposing restrictive parametric specifications, which...

This work aims at analysing the value of recreational water uses for the Idro Lake (Lombardy, Northern Italy), which has been experiencing dramatic fluctuations in its levels in recent years, due to excessive productive withdrawal that affected recreational uses. It estimates the economic...

We propose a combined revealed and stated behavior estimation method to measure recreation benefits of a fixed quality improvement that directly addresses the issues of variation in environmental quality beyond the observed range and new participation induced by higher quality. We survey a...

The objective of this study was to test for the effect of consequentiality on the probability of a respondent opting out of voting in a stated preference survey. We find that respondents who believe the survey is inconsequential are more likely to opt out than to vote ‘yes’ in both...

This article introduces an iterative choice procedure for valuing inland water quality. This approach breaks up the valuation into a series of component tasks. The water quality ladder approach is not valid empirically. Consequently, respondents in Colorado and North Carolina assessed the value...

Uskali Mäki has long argued that realist interpretations of economics do not face a challenge regarding the ontological status of non-observable theoretical entities. He argues that in economics, unlike physics, the theoretical entities are "commonsensibles" – entities familiar from our...

This paper examines conceptions of the individual in recent economics (including prospect theory, preference reversal/construction approaches, social preference theory, Bacharach's team view, Ross's neuroeconomics view, and the Sugden/Bruni civil happiness approach). The first three are...

This paper examines methodological issues raised by revealed preference theory in economics: particularly contemporary revealed preference theory. The paper has three goals. First, to make the case that revealed preference theory is a broad research program in choice theory – not a single...