A real options approach to amenity valuation: The role of uncertainty and risk aversion
指出享乐定价理论忽略了不确定性和搬迁成本，构建了一个理论模型，发现不确定性因等待的期权价值推高搬迁成本，而自我保险可缓解锁定问题，且环境质量的隐含价格随不确定性上升，即使风险中性时也如此。
Abstract Many empirical studies in the fields of urban and environmental economics rely on the hedonic pricing framework. This paper draws attention to two important elements that are not covered by this theory: uncertainty and relocation costs. It develops a theoretical model where agents face uncertainty, but may accumulate savings as a form of self‐insurance. It shows that uncertainty pushes up relocation costs due to the option value of waiting, while self‐insurance helps to reduce this lock‐in problem. Moreover, the model suggests that the implicit price of environmental quality increases with uncertainty even if agents are risk‐neutral.