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A theory of anticipated utility
Abstract A new theory of cardinal utility, with an associated set of axioms, is presented. It is a generalization of the von Neumann-Morgenstern expected utility theory, which permits the analysis ofExpand
Estimation Using Contingent Valuation Data from a Dichotomous Choice with Follow-Up Questionnaire
Abstract 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) discreteExpand
The Economics of Farm Fragmentation: Evidence from Ghana and Rwanda
Farm fragmentation, in which a household operates more than one separate parcel of land, is a common phenomenon in sub-Saharan Africa. Concerned by the perceived costs of fragmented as opposed toExpand
Generalized expected utility theory : the rank-dependent model
1 Uncertainty.- 2 Background.- 3 EU Theory.- 4 The Challenge to EU Theory.- 5 Rank-Dependent Expected Utility - An Outline.- 6 Risk Aversion in RDEU Theory.- 7 Comparative Statics for RDEU Theory.- 8Expand
Life-cycle preferences over consumption and health: when is cost-effectiveness analysis equivalent to cost-benefit analysis?
This paper studies life-cycle preferences over consumption and health status. We show that cost-effectiveness analysis is consistent with cost-benefit analysis if the lifetime utility function isExpand
Human Capital Theory and Education Policy in Australia
The human capital model is the basis of neoclassical analysis of labour markets, education and economic growth. However, education policy in Australia has been influenced by models based on screeningExpand
Environmental economics and the Murray-Darling river system
Much concern about the negative environmental consequences of agricultural development in Australia, including salinisation, waterlogging and algal blooms, has focused on the problems of theExpand
Generalized expected utility theory
Agricultural Intensification, Irrigation and the Environment in South Asia: Issues and Policy Options
High population pressure and the rapid pace of human activity including urbanization, industrialization and other economic activities have led to a dwindling supply of arable land per capita and aExpand