Estimating discount rates for environmental quality from utility-based choice experiments
Publication
, Journal Article
Viscusi, WK; Huber, J; Bell, J
Published in: Journal of Risk and Uncertainty
December 1, 2008
We 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. © Springer Science + Business Media, LLC 2008.
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Published In
Journal of Risk and Uncertainty
DOI
EISSN
1573-0476
ISSN
0895-5646
Publication Date
December 1, 2008
Volume
37
Issue
2-3
Start / End Page
199 / 220
Related Subject Headings
- Economics
- 3802 Econometrics
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
Citation
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Viscusi, W. K., Huber, J., & Bell, J. (2008). Estimating discount rates for environmental quality from utility-based choice experiments. Journal of Risk and Uncertainty, 37(2–3), 199–220. https://doi.org/10.1007/s11166-008-9045-x
Viscusi, W. K., J. Huber, and J. Bell. “Estimating discount rates for environmental quality from utility-based choice experiments.” Journal of Risk and Uncertainty 37, no. 2–3 (December 1, 2008): 199–220. https://doi.org/10.1007/s11166-008-9045-x.
Viscusi WK, Huber J, Bell J. Estimating discount rates for environmental quality from utility-based choice experiments. Journal of Risk and Uncertainty. 2008 Dec 1;37(2–3):199–220.
Viscusi, W. K., et al. “Estimating discount rates for environmental quality from utility-based choice experiments.” Journal of Risk and Uncertainty, vol. 37, no. 2–3, Dec. 2008, pp. 199–220. Scopus, doi:10.1007/s11166-008-9045-x.
Viscusi WK, Huber J, Bell J. Estimating discount rates for environmental quality from utility-based choice experiments. Journal of Risk and Uncertainty. 2008 Dec 1;37(2–3):199–220.
Published In
Journal of Risk and Uncertainty
DOI
EISSN
1573-0476
ISSN
0895-5646
Publication Date
December 1, 2008
Volume
37
Issue
2-3
Start / End Page
199 / 220
Related Subject Headings
- Economics
- 3802 Econometrics
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
- 1402 Applied Economics