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On the Consumer Value of Environmental Diversity

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  • Michele Baggio

    ()
    (Department of Economics (Università di Verona) and Research Assistant,Department of Agricultural and Resource Economics, (University of Maryland))

  • Jean-Paul Chavas

    (Professor, Department of Agricultural and Applied Economics (University of Wisconsin, Madison))

Abstract

This paper develops a methodology for the valuation of the taste for diversity. The concerns about the contribution of diversity in the valuation of consumer goods typically arise when it is believed that the total value is The methodology we propose infers the economic value of diversity through fish market price by using a system of inverse demands to model the nature of this particular commodity. We develop our analysis of the consumer value of diversity using Luenberger’s benefit function (Luenberger, 1992). In this context, we show that the benefit function provides a conceptual framework to conduct a welfare analysis of the value of diversity in a system framework.

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Bibliographic Info

Paper provided by University of Verona, Department of Economics in its series Working Papers with number 35.

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Length: 33
Date of creation: Jun 2006
Date of revision:
Handle: RePEc:ver:wpaper:35

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  1. William A. Brock & Anastasios Xepapadeas, 2003. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach," American Economic Review, American Economic Association, vol. 93(5), pages 1597-1614, December.
  2. Robert H. Beach & Matthew T. Holt, 2001. "Incorporating Quadratic Scale Curves in Inverse Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(1), pages 230-245.
  3. Eales, James S. & Unnevehr, Laurian J., 1994. "The inverse almost ideal demand system," European Economic Review, Elsevier, vol. 38(1), pages 101-115, January.
  4. Richard C. Bishop & Matthew T. Holt, 2002. "A semiflexible normalized quadratic inverse demand system: an application to the price formation of fish," Empirical Economics, Springer, vol. 27(1), pages 23-47.
  5. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
  6. Daniele Moro & Paolo Sckokai, 2002. "Functional separability within a quadratic inverse demand system," Applied Economics, Taylor & Francis Journals, vol. 34(3), pages 285-293.
  7. Moro, Daniele & Sckokai, Paolo, 1999. "A Quadratic Inverse Demand System," 1999 Annual meeting, August 8-11, Nashville, TN 21560, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Barten, A. P. & Bettendorf, L. J., 1989. "Price formation of fish : An application of an inverse demand system," European Economic Review, Elsevier, vol. 33(8), pages 1509-1525, October.
  9. Luenberger, David G., 1992. "Benefit functions and duality," Journal of Mathematical Economics, Elsevier, vol. 21(5), pages 461-481.
  10. Deaton, Angus, 1979. "The Distance Function in Consumer Behaviour with Applications to Index Numbers and Optimal Taxation," Review of Economic Studies, Wiley Blackwell, vol. 46(3), pages 391-405, July.
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Cited by:
  1. Keith R. McLaren & K. K. Gary Wong, 2009. "The Benefit Function Approach to Modeling Price-Dependent Demand Systems: An Application of Duality Theory," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 1110-1123.

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