The validity of risk estimates elicited through the Exchangeability Method (EM) has been theoretically questioned because the use of chained questions may undermine the incentive compatibility of the game even when subjects are rewarded with real monetary incentives. In this paper, we examine...

Instream flows may be essential in protecting aquatic species that are threatened or endangered. An economic model of the optimal allocation of water under pure uncertainty is developed, with particular attention paid to the situation when a species characterized by critical depensation is...

Churchill County, Nevada had approximately 23,000 residents, with an estimated 13,500 who relied on private wells for water supply in 2002. This study examined exposure to arsenic in water supplies among residents with private domestic wells and factors related to householder choice to consume...

Experimental subjects receive a different presentation of a food product's potential health risk reductions if people habitually eat it, and then asked to bid for the product. Results suggest that the bids vary across the groups that receive differing risk information.

We consider the meaning of the option price, commonly acknowledged as the preferred ex ante welfare measure, in the rank-dependent expected utility (RDEU) framework. The importance of this pertains to performing benefit-cost analysis when RDEU maximizers are prevalent in society.