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We model exploration for and production from a multiple-deposit, nonrenewable resource. Exploration is viewed as a Bayesian process involving learning about undiscovered reserves, and is undertaken both to improve the quality of and to replenish known reserves. Known reserves are not physically...
This contingent valuation (CV) study investigates the potential of cost-influenced responses in open-ended (OE) and dichotomous choice (DC) formats. For both formats we cross split-sample information treatments to provide: a total cost of the project treatment, a group-size treatment, a combined...
Cameron and Quiggin ( J. Environ. Econom. Management 27 , 218–234 (1994)) provide evidence against the use of the standard interval data model and in favor of the more general bivariate probit model. An apparent miscalculation in the estimation process overstates the poor performance of the...
In the presence of uncertainty and irreversibility, dynamic decision problems should not be solved using expected net present value analysis. The right to delay a decision can be valuable. We show that the value of this right equals Arrow and Fisher's ( Quart. J. Econom. 88 , 312–319 (1974))...
Our original article proposed that the two yes–no willingness-to-pay (WTP) responses produced by this survey format should be viewed as a pair of jointly distributed (correlated) discrete random variables. The comparison model—the “conventional” approach to estimation using these types of...
This article describes the relationship between automotive lead emissions and national income for 48 countries over 20 years. It draws three principal conclusions. First, lead emissions can be shown to follow an inverse- U or an “environmental Kuznets curve” with respect to income. Second,...
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