Environmental and Resource Valuation with Revealed Preferences

A Theoretical Guide to Empirical Models

By: Nancy E. Bockstael, Kenneth E. McConnell

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Hardcover | 28 November 2006

At a Glance

Hardcover
392 Pages

Edition Type
New edition

Dimensions(cm)
23.39 x 15.6 x 2.24

Hardcover

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Environmental and Resource Valuation with Revealed Preferences: A Theoretical Guide to Empirical Models provides a systematic review of those economic approaches for valuing the environment and natural resources that use information on what people do, not what they say. The authors have worked on models of revealed preferences for valuing environmental and natural resources for several decades and authored some of the seminal papers in the field. The book is a natural outcome of their conceptual contributions and their many years of experience in empirical policy research, natural resource damage litigation and teaching on the topic.

The chief purpose of Environmental and Resource Valuation with Revealed Preferences is to collect in one place current thought on the various revealed preference approaches to environmental valuation and to subject these approaches to consistent theoretical critique.

Industry Reviews

From the reviews:

"In this book, Bockstael and McConnell concisely synthesis the economic principles that must be followed for revealed preference methods to yield valid welfare measures. ... This book provides that grounding in a clear and concise way. In addition, this book will be a major time saver to applied environmental economists attempting to do theoretically sound empirical work." (John Loomis, Environmental and Resource Economics, Vol. 42, 2009)

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You Can Find This Book In

Non-Fiction Economics Environmental Economics Engineering & Technology Environmental Science Microeconomics Earth Sciences, Geography, Environment, Planning Earth Sciences Geology & The Lithosphere Macroeconomics Development Economics & Emerging Economies

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Published: 28th October 2010

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Preface
Setting The Stage
Oil Spills and Valuation
Where Do We Begin?
The Purpose and Approach of the Book
The Maintained Assumptions
What the Book Omits
A Look Ahead
Welfare Economics For Price Changes
Introduction
Compensation Measures
Willingness to Pay and Willingness to Accept
From Behavior to Welfare Measures
So What is Wrong with Consumer Surplus?
From Ordinary Demands to Welfare
Multiple Price Changes
Income and Welfare Effects
Endogenous Income
Non-Linear Budget Constraints
Conclusions
The Concept Of Complementarity
Introduction
The Basic Problem
The Public Good as an Attribute
Weak Complementarity
Can Weak Complementarity Be Tested?
Weak Complementarity and Marshallian Demands
The Willig Condition
Welfare without Weak Complementarity
Conclusions
Implementing Weak Complementarity
Introduction
Specifying Demand as a Function of Quality
Translations of Utility Functions
Utility Parameters as a Function of Quality
Weak Complementarity and Household Production
Household Production and Constant Marginal Costs
Incorporating Time Costs
Time in Incomplete and Partial Demand Systems
On-Site Time and Non-linear Budget Constraints
Information and Behavioral Change
Quality Changes and Induced Price Effects
Induced Price Changes
Conclusions
Measuring Welfare In Discrete Choice Models
Introduction
The Basic Discrete Choice Model
Welfare in the Random Utility Model
More Welfare Calculations with the Linear Model
Welfare Measurement with Imperfect Information
Generalizing Discrete Choice Models
Nested Models: Relaxing the IIA Property
Mixed Logit Models: A Further Generalization
The Larger Consumer Choice Problem
The Role of Income
The Frequency of Choice
The Generalized Corner Solution Model
The Hedonic Travel Cost Model
The Structure of the Model
The Hedonic Cost function
Making Sense of the Story
Welfare Measures in the Hedonic Travel Cost Model
Conclusion
Hedonic Models Of Heterogenous Goods
Introduction
The Theory of Hedonic Models
Rosen''s Bid function
The Hedonic Price function
Welfare Measures in Hedonic Markets



Some Econometric Issues
Estimating the Hedonic Price Function Only
Recovering Information on Preferences
The Housing Choice as a Discrete Choice
dDrawbacks of Discrete Choice Housing Models
Conclusions
Hedonic Wage Analysis
Introduction
Hedonic Wages in Theory
The Simple Model
Revising the Model: The Wage vs Risk Trade-off
Important Underlying Assumptions
The Determinants of the Hedonic function
The Anomaly of Safer Jobs and Higher Pay
Endogenous Sorting
Welfare with the Hedonic Wage Model
Estimating the `Value of a Statistical Life''
Data Sources for Wage and Risk Variables
Variability in Specifications
Fragility of Estimates of the Wage-Risk Trade-off
The Challenge of Transferring $VSL$ Estimates
Wage Hedonics and Locational Amenities
The Roback Model
Migration and Disequilibrium
Welfare Interpretations
Locational Amenities in a Discrete Choice Framework
Conclusions
Public Goods In Household Production
Introduction
The Structure of the Problem
A Simple Result for Constant Marginal Costs
Restrictions on the Demand for an Input
The Case of a Separable Production Reltionship
Demand for Essential Inputs
Weak S
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Environmental and Resource Valuation with Revealed Preferences

A Theoretical Guide to Empirical Models

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

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