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Estimating Discount Rates for Environmental Quality from Utility-Based Choice Experiments

dc.contributor.authorViscusi, W. Kip
dc.contributor.authorHuber, Joel
dc.contributor.authorBell, Jason (Economics researcher)
dc.identifier.citation37 Journal of Risk and Uncertainty 199 (2008)en_US
dc.descriptionArticle published in a journal of theoretical and empirical papers that analyze risk-bearing behavior and decision-making under uncertainty.en_US
dc.description.abstractWe estimate rates of time preference using a utility-based choice experiment administered to a nationally representative sample of 2,914 respondents. For the full sample, the rate of time preference is very high for immediate benefits and drops off substantially thereafter, which is inconsistent with exponential discounting but consistent with hyperbolic discounting. Estimates of the hyperbolic discounting parameter range from 0.48 to 0.61. Visitors to water bodies have low rates of discount but exhibit hyperbolic discounting, whereas those who do not visit have consistently high rates of discount and low valuations of water quality.en_US
dc.format.extent1 PDF (47 pages)en_US
dc.publisherJournal of Risk and Uncertaintyen_US
dc.subject.lcshWater quality -- Economic aspectsen_US
dc.subject.lcshWater quality -- Public opinionen_US
dc.subject.lcshEnvironmental policy -- Public opinionen_US
dc.titleEstimating Discount Rates for Environmental Quality from Utility-Based Choice Experimentsen_US

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