On Measuring the Value of a Nonmarket Good Using Market Data
AbstractWe use line integral theory to lay out in a more general theoretical framework the conditions under which it is possible to measure with market data the welfare effects of a change in a nonmarket good. We present in detail a numerical method of measuring the value of nonmarket goods using market data, under either weak neutrality or weak complementarity. Our numerical method is more flexible than the existing analytical method because it can be used with any well-behaved Marshallian demand function, and can be used even when the willig condition does not hold. Copyright 2006, Oxford University Press.
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Bibliographic InfoArticle provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.
Volume (Year): 88 (2006)
Issue (Month): 4 ()
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- Bullock, David S. & Minot, Nicholas, 2006. "On Measuring the Value of a Nonmarket Good Using Market Data," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25272, International Association of Agricultural Economists.
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