The Economic Significance of Environmental Resources: A Review of the Evidence

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The Economic Significance of Environmental Resources: A Review of the Evidence

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Young, Ralph

Abstract

This paper reviews briefly the approaches employed for generating value estimates for unpriced environmental resources, with particular attention being paid to the contingent valuation method. Estimates of value for environmental products and services for both the United States and Australia are presented. This evidence clearly demonstrates that a wide range of unpriced environmental resources have significant economic value to the community. The paper concludes with a discussion of the implications for project development, funding and policy in Australia.

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Article provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.

Volume (Year): 59 (1991)
Issue (Month): 03 (December)
Pages:
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Handle: RePEc:ags:remaae:12392

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Coelli, T. & Lloyd-Smith, J. & Morrison, D. & Thomas, J., 1991. "Hedonic Pricing For A Cost Benefit Analysis Of A Public Water Supply Scheme," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(01), April. [Downloadable!]
Knetsch, Jack L & Sinden, J A, 1987. "The Persistence of Evaluation Disparities," The Quarterly Journal of Economics, MIT Press, vol. 102(3), pages 691-95, August. [Downloadable!] (restricted)
Hoehn, John P. & Randall, Alan, 1987. "A satisfactory benefit cost indicator from contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 14(3), pages 226-247, September. [Downloadable!] (restricted)
Keith, John E. & Lyon, Kenneth S., 1985. "Valuing Wildlife Management: A Utah Deer Herd," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 10(02), December. [Downloadable!]
Randall, Alan, 1982. "Economic Surplus Concepts and Their Use in Benefit Cost Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(02), August. [Downloadable!]
Greenley, Douglas A & Walsh, Richard G & Young, Robert A, 1981. "Option Value: Empirical Evidence from a Case Study of Recreation and Water Quality," The Quarterly Journal of Economics, MIT Press, vol. 96(4), pages 657-73, November. [Downloadable!] (restricted)

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