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Preference Uncertainty in Non-Market Valuation: A Fuzzy Approach

Gerrit van Kooten, Emina Krcmar and Erwin Bulte ()

American Journal of Agricultural Economics, 2001, vol. 83, issue 3, 487-500

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. Copyright 2001, Oxford University Press.

Date: 2001
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American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu

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Handle: RePEc:oup:ajagec:v:83:y:2001:i:3:p:487-500