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Estimation Of Consumer'S Surplus Values For Land Policies

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  • Sinden, Jack A.

Abstract

Changing social objectives and a greater variety of policy instruments require extra detail and fuller specification in analyses of land policies. Consumer's surplus remains an appropriate measure of net social benefit but surplus values must be estimated more carefully. The paper examines the application of four surplus concepts to policy problems and illustrates a methodology to estimate all four. The estimates for the different concepts can differ widely and the correct concepts have not always been advocated. The methodology appears useful where other estimation procedures have failed.

Suggested Citation

  • Sinden, Jack A., 1978. "Estimation Of Consumer'S Surplus Values For Land Policies," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(2-3), pages 1-19, August.
    • Handle: RePEc:ags:ajaeau:22718
    DOI: 10.22004/ag.econ.22718
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    References listed on IDEAS

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    1. Olsen, Graeme, 1975. "Option Value," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 19(3), pages 1-13, December.
    2. Currie, John Martin & Murphy, John A & Schmitz, Andrew, 1971. "The Concept of Economic Surplus and its Use in Economic Analysis," Economic Journal, Royal Economic Society, vol. 81(324), pages 741-799, December.
    3. Anderson, Jock R. & Dillon, John L. & Hardaker, Brian, 1977. "Agricultural Decision Analysis," Monographs: Applied Economics, AgEcon Search, number 288652, July.
    4. J. R. Hicks, 1943. "The Four Consumer's Surpluses," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 11(1), pages 31-41.
    5. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, in: Robert Evenson & Prabhu Pingali (ed.), Handbook of Agricultural Economics, edition 1, volume 3, chapter 44, pages 2343-2378, Elsevier.
    6. J. A. Sinden, 1974. "A Utility Approach to the Valuation of Recreational and Aesthetic Experiences," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 61-72.
    7. J. R. Hicks, 1942. "Consumers' Surplus and Index-Numbers," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 9(2), pages 126-137.
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    Citations

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    Cited by:

    1. Kennedy, John O.S., 1980. "On The Derivation Of Indifference Curves For Estimating Consumer Surplus," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-5, December.
    2. Hodge, Ian D., 1983. "Rural Employment and the Quality of Life," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 51(03), pages 1-12, December.
    3. Randall, Alan, 1982. "Economic Surplus Concepts and Their Use in Benefit Cost Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(02), pages 1-29, August.
    4. Sinden, Jack A., 1980. "Pangloss, Pandora and Pareto for the Aspiring Benefit-Cost Analyst," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), pages 1-11, August.
    5. Sinden, Jack A., 1980. "On The Derivation Of Indifference Maps For Estimating Consumer'S Surplus: Reply," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-7, December.

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