Comments on: WILLINGNESS TO PAY TO AVOID EXTINCTION http://knowledgeproblem.com/2005/08/19/willingness_to/ Commentary on Economics, Information and Human Action Fri, 01 Jun 2012 16:51:44 +0000 hourly 1 http://wordpress.com/ By: Peter http://knowledgeproblem.com/2005/08/19/willingness_to/#comment-1907 Fri, 19 Aug 2005 11:01:15 +0000 http://knowledgeproblem.wordpress.com/2005/08/19/willingness_to/#comment-1907 A similar problem exists in asking people how to value a public good. If you are thinking of building a bridge, there’s no point estimating potential demand for it on the basis of the numbers of people who currently swim across the river.

(Probably you know this example. Your post made me consider it in terms of the different opportunity costs, given different contextual framings — currently swimming across vs. not crossing the river.)

]]> By: Ed Reid http://knowledgeproblem.com/2005/08/19/willingness_to/#comment-1906 Fri, 19 Aug 2005 09:48:42 +0000 http://knowledgeproblem.wordpress.com/2005/08/19/willingness_to/#comment-1906 “Oh, wait, I have a thought … what about clearly and transparently defining and enforcing property rights? I wonder if that might do it … [/irony]”

I used to think the Fifth Amendment had done that. Then the Supreme Court “amended” the Fifth Amendment. Now you are suggesting that we amend the amendment to the Fifth Amendment. I think I’ll go take a nap.

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