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A Case Study of a Hazardous Waste Site: Perspectives from Economics and Psychology, Volume IV of Improving Accuracy and Reducing the Costs of Environmental Benefits Assessments

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This 1986 study by the University of Colorado uses concepts and methods of analysis drawn from both economics and cognitive psychology to understand the sources of a large drop in property values that occurred near the Operating Industries Incorporated (OII) Landfill in Monterey Park, California. The study reports on the substantial impact of the Landfill on property values and on the results of a survey of subjective risks. Two main conclusions emerge from the study results: (1) Subjective health risks are likely to be overestimates of the objective risks, and (2) the overestimated subjective health risks are associated with significant property value losses.
The study is organized into the following chapters:

In addition, there is an appendix entitled "Valuing Risk: A Comparison of Expected Utility with Models from Cognitive Psychology."


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Date Linked: 05/28/2009

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