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Behavioral Implications of Nonmarket Valuation Models

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  • Wiktor L. Adamowicz

Abstract

A variety of methods exist for the valuation of nonmarket benefits. Some mechanisms determine these values from market data while others use hypothetical questions. This paper examines these mechanisms for valuing nonmarket goods and the attempts to validate these measures. The assumptions and implications of the nonmarket valuation techniques are examined and the various attempts at validation of the results are discussed. In light of the limitations of these validation approaches, a new validation procedure is suggested and an application is presented.
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  • Wiktor L. Adamowicz, 1988. "Behavioral Implications of Nonmarket Valuation Models," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 36(4), pages 929-939, December.
    • Handle: RePEc:bla:canjag:v:36:y:1988:i:4:p:929-939
    DOI: j.1744-7976.1988.tb03331.x
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