Journal
JOURNAL OF PUBLIC ECONOMICS
Volume 89, Issue 2-3, Pages 283-301Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jpubeco.2004.01.005
Keywords
option prices; climate change; stated preferences; contingent valuation; state-dependent preferences
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Willingness-to-pay for climate change mitigation depends on people's perceptions about just how bad things will get if nothing is done. Individual subjective distributions for future climate conditions are combined with stated choices over alternative climate policies to estimate individual option prices (the appropriate ex ante welfare measure in the face of uncertainty) for climate change mitigation. We find statistically significant sensitivity of estimated option prices to both expected future conditions and uncertainty about future conditions. (C) 2004 Elsevier B.V. All rights reserved.
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