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Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation

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Author Info
Crooker, John
Kling, Catherine L.

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Abstract

In this research, we adapt and extend previous work on nonparametric bounds for welfare measures. We present a procedure for estimating upper and lower bounds on each consumer's individual willingness to pay for an environmental improvement. The exciting aspect of this work is that these bounds are derived using only observed quantities and prices of visits to a recreation area without resorting to any parametric assumptions on demand or utility. In Monte Carlo simulations, we find that the bounds have the potential to be narrow enough for policy purposes. (c) 2000 Academic Press

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1309.

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Date of creation: 23 Feb 1999
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Publication status: Published in Journal of Environmental Economics and Management, 2000, Vol. 39, pp. 145-61.
Handle: RePEc:isu:genres:1309

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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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.:
  1. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July. [Downloadable!] (restricted)
  2. Chalfant, James A & Alston, Julian M, 1988. "Accounting for Changes in Tastes," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 391-410, April. [Downloadable!] (restricted)
  3. Kling, Catherine L. & Thomson, Cynthia J., 1999. "Implications of Model Specification for Welfare Estimation in Nested Logit Models (The)," Staff General Research Papers 1599, Iowa State University, Department of Economics.
  4. Kling, Catherine L., 1989. "The Importance Of Functional Form In The Estimation Of Welfare," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July. [Downloadable!]
  5. Herriges, Joseph A. & Kling, Catherine L., 1999. "Performance of Nested Logit Models when Welfare Estimation Is the Goal (The)," Staff General Research Papers 1480, Iowa State University, Department of Economics.
  6. Kling, Catherine, 1999. "Importance of Functional Form in the Estimation of Welfare (The)," Staff General Research Papers 1596, Iowa State University, Department of Economics.
  7. Hanemann, W Michael, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall. [Downloadable!] (restricted)
  8. Varian, Hal R, 1984. "The Nonparametric Approach to Production Analysis," Econometrica, Econometric Society, vol. 52(3), pages 579-97, May. [Downloadable!] (restricted)
  9. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November. [Downloadable!] (restricted)
  10. Varian, Hal R., 1983. "Nonparametric Tests of Models of Investor Behavior," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(03), pages 269-278, September. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Crooker, John R., 2007. "Nonparametric Bounds on Welfare with Measurement Error in Prices: Techniques for Non-Market Resource Valuation," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 36(2), October. [Downloadable!]
  2. Kjartan Sælensminde, 2002. "The Impact of Choice Inconsistencies in Stated Choice Studies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 23(4), pages 403-420, December. [Downloadable!] (restricted)
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