We employ a novel approach to investigate the reasons for a low demand for agricultural insurance. We confirm that farmers systematically undervalue agricultural insurance. First, we find that private transfers, mainly from family members, explain under-valuation of agricultural insurance....

This paper describes and implements a method for estimating the average marginal value of a time-varying local public good: air quality. It uses the General Social Survey (GSS), which asks thousands of people in various U.S. locations how happy they are, along with other demographic and attitude...

We employ a novel approach to investigate the reasons for a low demand for agricultural insurance. We confirm that farmers systematically undervalue agricultural insurance. First, we find that private transfers, mainly from family members, explain under-valuation of agricultural insurance....

A new model of exchange is presented following Marr's conception of a "computational theory". The model combines assumptions from perceptual theory and economic theory to develop a highly generalised formal model. The approach departs from previous models by focussing not on how ownership alters...

We hypothesise and confirm a novel empirical result concerning the willingness to accept (WTA)-willingness to pay (WTP) disparity. Employing data from what has become the classic experimental design, we reveal systematic variation in the relative magnitudes of three valuations: WTA, WTP and...