Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

The Estimation of Indifference Maps by Expected Utility Analysis

Jeff Bennett and Ben Smith
American Journal of Agricultural Economics
Vol. 67, No. 4 (Nov., 1985), pp. 833-838
Stable URL: http://www.jstor.org/stable/1241823
Page Count: 6
  • Download ($36.00)
  • Subscribe ($19.50)
  • Cite this Item
The Estimation of Indifference Maps by Expected Utility Analysis
Preview not available

Abstract

The indifference curve estimation procedure proposed and used by Sinden to value nonmarketed goods implicitly adopts the assumption that a two-good utility function can be obtained by the simple addition of two single-good utility functions. The results of two experiments indicate that using the strict additivity assumption is likely to bias the indifference maps so derived. While an alternative nonadditive technique is proposed, it is found that, as with Sinden's technique, it is subject to such a large degree of respondent inconsistency that doubt is cast on the usefulness of the results obtained and on the practicality of this general approach.

Page Thumbnails

  • Thumbnail: Page 
[833]
    [833]
  • Thumbnail: Page 
834
    834
  • Thumbnail: Page 
835
    835
  • Thumbnail: Page 
836
    836
  • Thumbnail: Page 
837
    837
  • Thumbnail: Page 
838
    838