Preference uncertainty in nonmarket valuation: a fuzzy approach

G.C. van Kooten, E. Krcmar, E.H. Bulte

Research output: Contribution to journalArticleAcademicpeer-review

52 Citations (Scopus)

Abstract

In this article, we consider uncertain preferences for non-market goods, but we move away from a probabilistic representation of uncertainty and propose the use of fuzzy contingent valuation. We assume that a decision maker never fully knows her own utility function and we treat utility as a fuzzy number. The methodology is illustrated using data on forest valuation in Sweden. Fuzzy contingent valuation provides estimates of resource value in the form of a fuzzy number and includes estimates obtained using a standard probabilistic approach.
Original languageEnglish
Pages (from-to)487-500
JournalAmerican Journal of Agricultural Economics
Volume83
Issue numberAugust
DOIs
Publication statusPublished - 2001

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