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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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    Citations

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    Cited by:

    1. Swallow, Stephen K., 1996. "Economic Issues in Ecosystem Management: An Introduction and Overview," Agricultural and Resource Economics Review, Cambridge University Press, vol. 25(2), pages 83-100, October.
    2. John C. Whitehead, "undated". "A Comment on “An Adding Up Test on Contingent Valuations of River and Lake Quality”," Working Papers 17-01_R, Department of Economics, Appalachian State University.
    3. Michael Spanbauer & Lindsay Johnson & Patrick Button, 2017. "How Valuable are National Parks? Evidence from a Proposed National Park Expansion in Alaska," Working Papers 1707, Tulane University, Department of Economics, revised Mar 2018.
    4. Hitzhusen, Frederick J. & Abdul-Mohsen, Ashraf & Kruse, Sarah, 2004. "Toward Improved Economic Analysis Using Contingent Valuation: Some Methodological Considerations Applied To River Toxics And Dam Removal," 2004 Annual meeting, August 1-4, Denver, CO 20326, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Hoehn, John P. & Loomis, John B., 1992. "Substitution Effects in the Contingent Valuation of Multiple Environmental Programs: A Maximum Likelihood Estimator and Empirical Tests," Staff Paper Series 201147, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    6. repec:eee:touman:v:33:y:2012:i:1:p:195-204 is not listed on IDEAS
    7. Hanemann, W. Michael & Kanninen, Barbara, 1996. "The Statistical Analysis Of Discrete-Response Cv Data," CUDARE Working Papers 25022, University of California, Berkeley, Department of Agricultural and Resource Economics.
    8. repec:ags:frraes:188236 is not listed on IDEAS
    9. Tiziana Luisetti & Ian J. Bateman & R. Kerry Turner, 2011. "Testing the Fundamental Assumption of Choice Experiments: Are Values Absolute or Relative?," Land Economics, University of Wisconsin Press, vol. 87(2), pages 284-296.
    10. Mbolatiana Rambonilaza, 2004. "Évaluation de la demande de paysage : état de l’art et réflexions sur la méthode du transfert des benefices," Post-Print hal-01201064, HAL.
    11. Carson, Richard T. & Flores, Nicholas & Hanemann, W. Michael, 1993. "On the creation and destruction of public goods : the matter of sequencing," CUDARE Working Papers 6103, University of California, Berkeley, Department of Agricultural and Resource Economics.
    12. Peter Howie & Sean M. Murphy & John Wicks, 2010. "An Application of a Stated Preference Method to Value Urban Amenities," Urban Studies, Urban Studies Journal Limited, vol. 47(2), pages 235-256, February.
    13. W. George Hutchinson & Susan M. Chilton & John Davis, 1995. "Measuring Non‐Use Value Of Environmental Goods Using The Contingent Valuation Method: Problems Of Information And Cognition And The Application Of Cognitive Questionnaire Design Methods," Journal of Agricultural Economics, Wiley Blackwell, vol. 46(1), pages 97-112, January.
    14. Carson, Richard T. & Flores, Nicholas E. & Hanemann, W. Michael, 1991. "On the Nature of Compensable Value in a Natural Resource Damage Assessment," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271170, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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