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On the Consumer Value of Environmental Diversity

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Author Info
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))

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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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File URL: http://dse.univr.it/RePEc/ver/Wpaper/WP35.pdf
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Paper provided by Università di Verona, Dipartimento di Scienze economiche in its series Working Papers with number 35.

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

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  1. Luenberger, David G., 1992. "Benefit functions and duality," Journal of Mathematical Economics, Elsevier, vol. 21(5), pages 461-481. [Downloadable!] (restricted)
  2. repec:att:wimass:192039 is not listed on IDEAS
  3. Deaton, Angus, 1979. "The Distance Function in Consumer Behaviour with Applications to Index Numbers and Optimal Taxation," Review of Economic Studies, Blackwell Publishing, vol. 46(3), pages 391-405, July. [Downloadable!] (restricted)
  4. 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. [Downloadable!]
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  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. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Moro, Daniele & Sckokai, Paolo, 2002. "Functional Separability within a Quadratic Inverse Demand System," Applied Economics, Taylor and Francis Journals, vol. 34(3), pages 285-93, February. [Downloadable!] (restricted)
  8. Beach, Robert H & Holt, Matthew T, 2001. " Incorporating Quadratic Scale Curves in Inverse Demand Systems," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(1), pages 230-45, February. [Downloadable!] (restricted)
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  9. Eales, James S. & Unnevehr, Laurian J., 1994. "The inverse almost ideal demand system," European Economic Review, Elsevier, vol. 38(1), pages 101-115, January. [Downloadable!] (restricted)
  10. 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. [Downloadable!] (restricted)
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