@article{Strazzera:42903,
      recid = {42903},
      author = {Strazzera, Elisabetta and Cherchi, Elisabetta and Ferrini,  Silvia},
      title = {A Choice Modelling Approach for Assessment of Use and  Quasi-Option Values in Urban Planning for Areas of  Environmental Interest},
      address = {2008-07},
      number = {837-2016-55614},
      series = {SIEV},
      pages = {32},
      year = {2008},
      abstract = {This study adopts a discrete choice modelling methodology  to evaluate individuals’ preferences over planning  alternatives for an urban site of environmental interest.  Since such projects involve some uncertainty and  irreversibility, a special attention is devoted to the  estimation of the quasi-option values which are associated  to project development. Two distinct measures for the  quasi-option value are estimated, and both coefficients  indicate that the public places a significant value on  reduction of the possibility of adverse irreversible  effects: a more prudent development strategy is valued  about four times more than a procedure that provides a  lesser hedge against undesired outcomes. Furthermore, the  study involved elicitation of intertemporal preferences  over projects with different time spans, and estimation of  the implicit discount rates: the values obtained seem high  if compared to standard discount rates applied to public  projects, but not far from current interest rates on  consumption.},
      url = {http://ageconsearch.umn.edu/record/42903},
      doi = {https://doi.org/10.22004/ag.econ.42903},
}