<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Lundhede, Thomas</style></author><author><style face="normal" font="default" size="100%">Jacobsen, Jette Bredahl</style></author><author><style face="normal" font="default" size="100%">Hanley, Nick</style></author><author><style face="normal" font="default" size="100%">Strange, Niels</style></author><author><style face="normal" font="default" size="100%">Thorsen, Bo Jellesmark</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">Incorporating Outcome Uncertainty and Prior Outcome Beliefs in Stated Preferences</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2015</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2015-05-01 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">296-316</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/le.91.2.296</style></doi><volume><style face="normal" font="default" size="100%">91</style></volume><issue><style face="normal" font="default" size="100%">2</style></issue><abstract><style  face="normal" font="default" size="100%">Stated preference studies tell respondents that policies create environmental changes with varying levels of uncertainty. However, respondents may include their own a priori assessments of uncertainty when making choices among policy options. Using a choice experiment eliciting respondents’ preferences for conservation policies under climate change, we find that higher outcome uncertainty reduces utility. When accounting for endogeneity, we find that prior beliefs play a significant role in this cost of uncertainty. Thus, merely stating “objective” levels of outcome uncertainty will not necessarily solve the problem of people valuing something differently from originally intended: respondents’ prior beliefs must be accounted for. (JEL C53, D62)</style></abstract></record></records></xml>