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| Riddel, Mary C.. |
| Although joint estimation of referendum-type contingent value (CV) survey responses using maximum-likelihood models is preferred to single-equation estimation, it has been largely disregarded because estimation involves evaluating multivariate normal probabilities. New developments in the construction of probability simulators have addressed this problem, and simulated maximum likelihood (SML) for multiple-good models is now possible. This analysis applies SML for a three-good model under a double-bounded questioning format. Results indicate joint estimation substantially improves the variances of the parameters and willingness-to-pay estimates. |
| Tipo: Journal Article |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2001 |
URL: http://purl.umn.edu/31040 |
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| Riddel, Mary C.; Shaw, W. Douglass. |
| Risk aversion is well established in the health and safety literature, and ambiguity is addressed in theoretical and experimental economics literature, but few theoretically-consistent empirical models addressing the relationship between ambiguity, risk, and preferences exist. Even fewer address ambiguity about health or mortality risks. To fill this gap, we propose a theoretical non-expected-utility model (NEUM) that is relatively easy to estimate. The NEUM we develop hinges upon two sources of variability, one over risk and the other over uncertainty about the risk. The model, like the second-order probability models of Segal (1987) and Quiggin (1982), grounds ambiguity in the compound lottery context. However, our model differs from previous... |
| Tipo: Report |
Palavras-chave: Environmental Economics and Policy; Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/23964 |
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| Riddel, Mary C.; Shaw, W. Douglass. |
| We devise a simple model of intergenerational altruism under uncertainty. We present an estimable form of the model that relies on a few, plausible, assumptions. We apply the model to data collected in a survey of Southern Nevadans concerning the proposed Yucca Mountain Nuclear Waste Repository in Nye County, NV. We find strong evidence of a bequest motive. Approximately one third of the option wealth lost by households near the repository can be attributed to costs to future generations. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2002 |
URL: http://purl.umn.edu/19662 |
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