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Full-Text Articles in Behavioral Economics
Willingness To Pay For Flood And Ecological Risk Reduction In An Urban Watershed, David Clark, Diane Novotny, Robert Griffin, Douglas Booth, Alena Bartosova, M Hutchinson
Willingness To Pay For Flood And Ecological Risk Reduction In An Urban Watershed, David Clark, Diane Novotny, Robert Griffin, Douglas Booth, Alena Bartosova, M Hutchinson
Robert Griffin
Urban watershed managers frequently must address alternative policy goals; flood control and ecological risk reduction. This study combines hydrologic models of flood control and biotic models of ecologic risk with economic models of willingness-to-pay and psychological models of risk processing and planned behavior to evaluate these two alternative policy objectives. The findings reveal that flood risk exposure, especially for those individuals who would remain outside the 100 year flood plain if the project were enacted, does influence the financial support that local residents would be willing to make to a flood control project. Other important determinants include demographic factors such …
Behavioral Approaches To Environmental Policy Analysis: A Case Study Of Offshore Wind Energy In The North American Great Lakes, Erik Edward Nordman
Behavioral Approaches To Environmental Policy Analysis: A Case Study Of Offshore Wind Energy In The North American Great Lakes, Erik Edward Nordman
Erik Edward Nordman
Behavioral economics, including prospect theory, offers new approaches to environmental policy analysis. The utility of behavioral approaches to environmental policy analysis is illustrated using a case study of offshore wind energy policy in Michigan, USA. Michigan has attempted to clarify the permitting process for offshore wind energy but those efforts have failed. Prospect theory suggests that Michigan legislators are, for the most part, risk averse to policy reforms as the state emerges from its “one-state recession” and into a gains domain. Legislators from some coastal districts perceive offshore wind development as a threat to coastal quality of life, are risk-seeking …