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Valuing the Multidimensional Impacts of Environmental Policy: Theory and Methods

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  • John P. Hoehn

Abstract

A theoretically consistent framework is developed for valuing the multidimensional impacts of environmental policy. Conventional benefit estimates are shown to be biased because of the presence of substitution and complementarity effects in valuing policy impacts. Procedures are developed for implementing a valid framework. Consistent with theory, empirical results indicate significant substitution effects in valuing environmental conditions across different geographic regions.

Suggested Citation

  • John P. Hoehn, 1991. "Valuing the Multidimensional Impacts of Environmental Policy: Theory and Methods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(2), pages 289-299.
    • Handle: RePEc:oup:ajagec:v:73:y:1991:i:2:p:289-299.
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    File URL: http://hdl.handle.net/10.2307/1242713
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