Protest bids are often excluded during analysis of contingent valuation method data. It is suggested that this procedure might introduce significant bias. Protest bids are often registered by respondents who may actually place a higheror lower-than-average value on the commodity in question but refuse to pay on the basis of ethical or other reasons, Exclusion of protest bids may therefore bias ...

Animal welfare is often cited as a classic public good, which implies market failure and, thus, that government intervention is required. However, the current literature does not provide an accessible account of how governed markets are supposed to cope with the issues of animal welfare. This paper seeks to fill this gap by re-considering the political economy of animal welfare. Conceptual anal...

The present study surveyed a UK representative sample of 500 individuals and employed the Choice Experiment (CE) to elicit the UK public’s views on the management of stray dogs and people’s willingness to pay (WTP) to reduce the current euthanasia rate. The results revealed that people have an emotional bonding with companion animals and are willing to pay to reduce the current euthanasia rate....

the financial losses, absolute and net economic values (evs) for direct (dcd) and maternal calving difficulty (mcd) were estimated using a bioeconomic model and taking into account the categorical nature of the trait. the effects of dystocia on other traits were estimated. but because of low reliability they were not considered for calculations in the base situation. in the base situation, the ...

Many transport policies and innovations are liable to have implications for human health and safety. How should such implications be weighed against the other costs and benefits? In particular, when policy makers are undertaking social cost-benefit analysis, what monetary value should be attached to any health or safety components? Standard welfare economics suggests that the answer should refl...

We compare two fixed-prize mechanisms for funding public goods, an all-pay auction and a lottery, where public good provision can only occur if the participants’ contributions equal or exceed the fixed-prize value. We show that the provisional nature of the fixed-prize means that efficiency and endowment conditions must both be satisfied to assure positive public good provision. Our main findin...

This paper studies equilibrium behavior in a class of games that models asymmetric multiprize competitions in which players’ costs are not necessarily strictly decreasing. Such costs accommodate head starts, which capture incumbency advantages, prior investments, and technological differences. I provide an algorithm that constructs the unique equilibrium in which players do not choose weakly-do...

BACKGROUND Anemia, one of the most common complications of cancer chemotherapy, has been managed with red blood cell (RBC) transfusions. As an alternative, the agent epoetin alfa has the potential to reduce the transfusion requirements of patients receiving cancer chemotherapy. To estimate the value that cancer patients place on the drug, an economic analysis using the concept of willingness to...

This paper explores the booms and busts induced by news shocks in a model economy with financial market frictions. Firms can accumulate capital through either purchase of the existing capital or producing new capital by themselves. Firms need to borrow from financial intermediaries to finance their purchases of capital. With the presence of financial market frictions, firms have to pay an exter...