On the Valuation of Uncertainty in Welfare Analysis
构建了一个时间不确定性下的私人及公共选择模型，将风险偏好和未来学习前景纳入公共项目的个人与总体估值，为福利分析中的估值问题提供了新见解。
Abstract This article develops a general model of private and public choice under temporal uncertainty. The model incorporates the effects of risk preferences and the prospect of future learning into both the individual and aggregate valuations of public projects. The analysis provides new insights on individual valuation, its implications for benefit‐cost analysis and the characterization of Pareto‐efficiency under uncertainty. It also resolves some of the confusion in the option value and quasioption value literature.