By Patricia A. Champ, Kevin J. Boyle, Thomas C. Brown
This is a pragmatic booklet with transparent descriptions of the main universal nonmarket equipment. the 1st chapters of the ebook give you the context and theoretical starting place of nonmarket valuation besides a dialogue of information assortment systems. the center chapters describe the foremost said- and revealed-preference valuation equipment. for every technique, the stairs focused on implementation are laid out and punctiliously defined with helping references from the printed literature. the ultimate chapters of the ebook study the relevance of experimentation to financial valuation, the move of current nonmarket values to new settings, and checks of the reliability and validity of nonmarket values.
The e-book is appropriate to contributors in lots of professions in any respect profession degrees. execs in executive enterprises, legal professionals concerned with common source harm exams, graduate scholars, and others will savor the thorough descriptions of ways to layout, enforce, and learn a nonmarket valuation learn.
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Additional info for A Primer on Nonmarket Valuation
Nature, 387, 253-260. Cropper, M. L. (2012). How should beneﬁts and costs be discounted in an intergenerational context? Resource for the Future Discussion Paper, RFF DP 12-42, Washington, DC. Currie, J. & Neidell, M. (2005). Air pollution and infant health: What can we learn from California’s recent experience? The Quarterly Journal of Economics, 120, 1003-1030. Daily, G. C. ) (1997). Nature’s services: Societal dependence on natural ecosystems. Washington, DC: Island Press. Daily, G. & Ellison, K.
The indirect utility function represents the highest level of utility obtainable when facing prices P, nonmarket goods Q, and income y. Expenditure minimization is the flip side of utility maximization and is necessary for utility maximization. To illustrate this, suppose an individual makes market good purchases facing prices P and nonmarket goods Q and obtains a utility level of U0. Now suppose he or she is not minimizing expenditures, and U0 could be obtained for less money through a different choice of market goods.
4 The Hedonic Concept Some goods that are consumed can be viewed as bundles of attributes. For example, houses have distinguishing attributes such as square footage, number of bedrooms, location, and environmental attributes. Public land is an example of a publicly owned environmental good that provides open space that is accessible to all. Being close to open space is, for some, a valuable attribute. Holding all other characteristics of houses constant, houses closer to open space have higher sale prices.
A Primer on Nonmarket Valuation by Patricia A. Champ, Kevin J. Boyle, Thomas C. Brown