We study and test a class of boundedly rational models of decision making which rely on sequential eliminative heuristics. We formalize two sequential decision procedures, both inspired by plausible models popular among several psychologists and marketing scientists. However we follow a standard...

Danish farmers have been far less interested in agri-environmental subsidy schemes than anticipated. We use choice experiments to estimate 486 Danish farmers’ preferences for a number of policy relevant scheme-characteristics. Subsidy schemes for pesticide free buffer zones along hedgerows are...

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict...

Current government guidelines for the appraisal of coastal defence projects in the UK do not require that non-market amenity benefits to be considered . However, a new option in coastal defence, namely multi-purpose reefs, provides an opportunity to integrate coastal defence with significant...

Agricultural multifunctionality is the recognition of the joint exercise of economic, environmental and social functions by this sector. In order to make this concept operative to support the design of public policies, it is necessary to estimate the social demand for such functions. The main...

This paper tests whether changes in “incidental emotions” lead to changes in economic choices. Incidental emotions are experienced at the time of an economic decision but are not part of the payoff from a particular choice. As such, the standard economic model predicts that incidental...

Popular urban tourist destinations are attracting large numbers of both overnight visitors and excursionists. Since urban cities perform a multitude of functions, the space requirements of tourists can, at times, interfere with those of local users. This paper addresses the issue of disutilities...

In stated choice (SC) data inconsistent and lexicographic choice behavior is often observed. It is sometimes recommended to remove data with these characteristics from the analysis. In this paper we reconsider this recommendation. In our data many respondents have inconsistent choice patterns,...

Consumer products and services can often be described as mixtures of ingredients. Examples are the mixture of ingredients in a cocktail and the mixture of different components of waiting time (e.g., in-vehicle and out-of-vehicle travel time) in a transportation setting. Choice experiments may...

With liberalization in 1998, numerous firms have entered the German retail electricity market, including newly formed cooperatives. Based on Transaction Cost Economics, we develop a theoretical framework seeking to explain preferences for electricity supplied by cooperatives from a consumer...