Evaluating public risk preferences in forest land-use choices using multi-attribute utility theory

Ananda, Jayanath and Herath, Gamini 2005, Evaluating public risk preferences in forest land-use choices using multi-attribute utility theory, Ecological economics, vol. 55, no. 3, pp. 408-419.

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Title Evaluating public risk preferences in forest land-use choices using multi-attribute utility theory
Author(s) Ananda, Jayanath
Herath, Gamini
Journal name Ecological economics
Volume number 55
Issue number 3
Start page 408
End page 419
Publisher Elsevier B.V.
Place of publication Amsterdam, The Netherlands
Publication date 2005-11-15
ISSN 0921-8009
1873-6106
Keyword(s) risk attitudes
public values
utility functions
Australia
forest attributes
Summary Forest policy decisions inherently involve multiple attributes and risk and uncertainty as they largely deal with complex biological, ecological, and socio-political systems. Identifying risk preferences and quantifying their inter-relationships and tradeoffs are useful in formulating better forest policy. Often, technocrats and experts deal with risky decisions, but ideally, stakeholder risk characteristics should be explicitly considered in making policy decisions. This paper analysed societal risk preferences on public forest land-use attributes using multi-attribute utility theory (MAUT). The results indicate significant risk-averse behaviour towards old-growth forest conservation and forest-based recreation but less risk-averse behaviour towards native timber extraction. Overall, the respondents preferred a more conservative forest land-use option, which is consistent with their risk attitudes. The method provides insights into risk preferences of forest stakeholders, which could lead to better understanding of forest management conflicts. Moreover, the method explicitly distinguishes the technical and value components of the decision and is useful in unravelling public risk preferences in multiple-use forest planning situations.
Language eng
Field of Research 140299 Applied Economics not elsewhere classified
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2004 Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30006640

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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