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On Measuring the Value of a Nonmarket Good Using Market Data

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  • David S. Bullock
  • Nicholas Minot

Abstract

We 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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File URL: http://hdl.handle.net/10.1111/j.1467-8276.2006.00909.x
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 88 (2006)
Issue (Month): 4 ()
Pages: 961-973

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Handle: RePEc:oup:ajagec:v:88:y:2006:i:4:p:961-973

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Cited by:
  1. Aaron Strong & V. Kerry Smith, 2010. "Reconsidering the Economics of Demand Analysis with Kinked Budget Constraints," Land Economics, University of Wisconsin Press, vol. 86(1), pages 173-190.
  2. David G. Brown, . "A Revealed Preference Feasibility Condition for Weak Complementarity," Departmental Working Papers 2009-08, Department of Economics, Louisiana State University.
  3. Udo Ebert, 2010. "On the Measurement of Welfare for Market and Nonmarket Goods: A Numerical Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(1), pages 102-109.
  4. von Haefen, Roger H., 2007. "Empirical strategies for incorporating weak complementarity into consumer demand models," Journal of Environmental Economics and Management, Elsevier, vol. 54(1), pages 15-31, July.
  5. repec:clg:wpaper:2010-05 is not listed on IDEAS
  6. David G. Brown, . "Preference-Theoretic Weak Complementarity: Getting More with Less," Departmental Working Papers 2008-09, Department of Economics, Louisiana State University.
  7. V. Smith & Mary Evans & H. Banzhaf & Christine Poulos, 2010. "Can Weak Substitution be Rehabilitated?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 45(2), pages 203-221, February.
  8. Nicolai V. Kuminoff & V. Kerry Smith & Christopher Timmins, 2013. "The New Economics of Equilibrium Sorting and Policy Evaluation Using Housing Markets," Journal of Economic Literature, American Economic Association, vol. 51(4), pages 1007-62, December.
  9. Ebert, Udo, 2008. "Approximating WTP and WTA for environmental goods from marginal willingness to pay functions," Ecological Economics, Elsevier, vol. 66(2-3), pages 270-274, June.

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