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Evaluating Non-Market Goods And Services: Some Conceptual Considerations

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  • Randall, Alan

Abstract

Compensating measures of consumers' surplus, i.e. "willingness to pay" for a preferred good and "willingness to accept compensation" and accept a less attractive good, are the appropriate indicators of value, unless redistribution toward the poor is an explicit project goal. In most cases, compensating measures, or acceptable approximations thereof, can be obtained without excessive difficulty. The conceptual bases of some currently used techniques of non-market valuation are examined, in order to identify the situations in which particular techniques are most appropriate. While valuation of non-market goods remains a challenging task, progress is being made in theory and application.

Suggested Citation

  • Randall, Alan, 1977. "Evaluating Non-Market Goods And Services: Some Conceptual Considerations," Staff Papers 292745, University of Kentucky, Department of Agricultural Economics.
    • Handle: RePEc:ags:ukysps:292745
    DOI: 10.22004/ag.econ.292745
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    Cited by:

    1. Martin, William E. & Tinney, J. Craig & Gum, Russell L., 1978. "Comparing Estimates of Market and Nonmarket Values for Products of a Given Land Base," Economics Statistics and Cooperative Services (ESCS) Reports 329532, United States Department of Agriculture, Economic Research Service.

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    Keywords

    Consumer/Household Economics;

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