This paper makes an attempt to introduce preference uncertainty into discrete choice models used in contingent valuation experiments. We develop an econometric model which may characterize the degree of the uncertainty and provide an empirical illustration of the suggested model.

Although the value of reducing mortality risks and that of reducing life year losses are closely related to each other, the valuation literature seems to treat them rather separately resulting in conflicting value estimates. While the former is more concerned with saved statistical lives from...

Emissions from traffic impose negative effects on human health, and recent evidence indicates that particulate matters (PM) are the detrimental air pollutant that causes most life years lost. To improve the efficiency of resource allocation, various mitigation measures have been proposed for...

This paper is concerned with the theory of resilience pricing and sustainability measurement in the presence of risk for regime shift in a dynamic economy–environment system. Following Holling (<italic>Annual Review of Ecology and Systematics</italic>, vol. 4, 1973, pp. 1–23), we consider resilience as the...