The Economic Theory and Measurement of Environmental Benefits

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Paperback | 28 December 1987

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236 Pages

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This book is an advanced text in welfare economics and its application to environmental economics. It provides, in the first chapters, a comprehensive survey of developments in the theory of measurement of welfare, and then applies this theory to environmental economics. The first part derives consumer surplus measures to be held in a timeless world. Throughout the emphasis is on the circumstances in which a money measure correctly reflects the underlying utility change. Four main cases are considered: unrationed private goods, rationed private goods, public goods or externalities, and discrete choices. Reviews of practical methodologies for the calculation of consumers' surplus for these classes of goods are also given. The second part looks at intertemporal issues. In particular, it derives comsumer faces risk and uncertainty. The book is intended for advanced courses in environmental and welfare economics, and as a reference work for those interested in the theory of measurement of welfare and its application to environmental economics.

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Non-Fiction Earth Sciences, Geography, Environment, Planning The Environment Conservation of The Environment Environmental Management Economics Economic Theory & Philosophy Macroeconomics Economic History Environmental Economics

Preface	p. ix
Introduction	p. 1
Some basic concepts	p. 8
The utility function	p. 8
Utility maximization	p. 11
Demand functions	p. 12
The indirect utility function	p. 14
The expenditure function	p. 16
The compensation function	p. 18
The concept of consumer surplus	p. 22
Money measures and areas under ordinary demand curves	p. 22
Path-independency conditions and the constancy of the marginal utility of income	p. 26
The compensating and equivalent variations	p. 30
Two examples	p. 35
Appendix	p. 38
Topics in the theory of consumer surplus measures	p. 41
A comparison of different money measures of utility change	p. 41
Aggregation over individuals	p. 46
Estimation of consumer surplus	p. 49
Appendix	p. 54
Consumer surplus measures in quantity-constrained regimes	p. 56
Quantity-constrained utility maximization	p. 56
Consumer's surplus under rationing	p. 59
An example	p. 61
Compensating and equivalent variations (surpluses) in quantity-constrained situations	p. 62
Some further results	p. 65
Appendix	p. 68
Public goods and externalities in consumption	p. 72
A utility maximizing household consuming private and public goods	p. 73
Public goods and uncompensated money measures of utility change	p. 74
Compensating and equivalent variations	p. 76
On the properties of money measures	p. 79
External effects, quality changes, and market data	p. 82
Appendix	p. 86
How to overcome the problem of preference revelation; practical methodologies	p. 93
Survey data	p. 93
A study based on the bidding technique	p. 95
Hedonic prices	p. 104
A property value study	p. 106
A comparison of survey and hedonic approaches	p. 111
Utility functions and demand equations	p. 114
The travel cost method	p. 115
Some further notes on the travel cost method and similar approaches	p. 122
Discrete choice models and environmental benefits	p. 126
Behaviour functions when some goods are mutually exclusive	p. 127
Critical price levels and corner solutions	p. 131
Consumer surplus measures in the discrete choice case	p. 134
The critical price level and the choice of measure	p. 136
On the relevance of the travel costs method	p. 136
Econometric models	p. 140
Estimating the value of a hunting permit from discrete response data	p. 143
Consumer's surplus in an intertemporal context	p. 147
An intertemporal model	p. 148
Overall versus instantaneous surplus measures	p. 150
A model with renewable resources	p. 153
The Brown-Hammack model for allocation of prairie wetlands	p. 155
Estimation of the Brown-Hammack model	p. 158
Aggregation of intergenerational welfares	p. 160
Welfare change measures in a risky world	p. 163
Risk measures and the properties of the utility function	p. 164
Consumer's surplus under price uncertainty	p. 167
Discrete choice under uncertainty: housing tenure	p. 170
Intertemporal models	p. 173
Expected consumer's surplus, option price and option value	p. 176
Appendix	p. 182
Money measures of the total value of environmental assets	p. 183
On the total value of a resource	p. 183
Uncertain supply of an environmental asset	p. 187
Access value	p. 190
Estimating option prices for wildlife resources	p. 192
Quasi-option value	p. 194
Some concluding remarks on the choice of money measure in a risky world	p. 197
On directions for future research	p. 200
Notes	p. 203
Bibliography	p. 206
Index	p. 220
Table of Contents provided by Syndetics. All Rights Reserved.

The Economic Theory and Measurement of Environmental Benefits

At a Glance

Paperback

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Defective items

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