The Geske-Johnson approach provides an e cient and intuitively appealing technique for the valuation and hedging of American-style contingent claims. Here, we generalize their approach to a stochastic-interest-rate economy. The method is implemented using options exercisable on one of a nite number of dates. We illustrate how the value of an American-style option increases with interest-rate vo...

In the literature it is suggested that the number of protest responses can depend on the valuation method. Choice Experiments (CE) are said to generate a lower number of protest responses than Contingent Valuation (CV). In a project about forest biodiversity both CE and CV were used and protest beliefs of all respondents irrespective of their willingness to pay determined. According to our anal...

This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, t...