• This paper reviews the conceptual limitations of an expected utility framework for evaluating how people respond to environmental risk. It describes the model's implicit and explicit assumptions and their relationship to these problems and summarizes the empirical evidence considering whether people make rational decisions in dealing with these types of risk. Results from indirect methods, survey techniques, including both contigent valuation and contingent behavior, and real-world experiments are described. The paper concludes with a discussion of the conceptual issues that will need to be incorporated in more realistic models describing how people respond to these types of risks ()
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  • Resources for the Future, Inc., Quality of the Environment Division ()
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  • Public Choices and Private Risks: The Role of Economic Analysis ()


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