Applying Stated Preferences in the Presence of Uncertainty
10.1 INTRODUCTION This final chapter of the book brings together the information gathered and the estimated results, and sets out the overall conclusions that can be drawn. The chapter is organized as follows: Section 10.2 summarizes the findings related to scenario and policy uncertainty in valuing climate change mitigation. In Section 10.3, the findings related to preference uncertainty in climate change mitigation are discussed. Section 10.4 outlines the limitations and caveats of the current research and provides future research directions while Section 10.5 contains final concluding remarks. 10.2 SCENARIO AND POLICY UNCERTAINTY IN CLIMATE CHANGE VALUATION One of the objectives of this book was to investigate the role of scenario and policy uncertainty in valuing climate change mitigation. The book addressed two specific research questions in this regard: (1) Does the simultaneous presence of scenario and policy uncertainty influence individual WTP for a mitigation policy? (2) Do prior beliefs regarding policy success influence the individual’s decision to support a mitigation policy when objective probabilities of policy success are presented in the questionnaire? A CV study was conducted to investigate the first research question. The second research question was examined using a CE framework. The case of the proposed climate change mitigation policy in Australia, the CPRS, was used as the context to undertake the empirical investigation of these two research questions. The findings from the investigation are summarized below, followed by their implications. 10.2.1 Simultaneous Presence of Scenario and Policy Uncertainty in Climate Change Valuation Conventional environmental valuation exercises often...
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