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Alternative Measures of Benefit for Nonmarket Goods Which are Substitutes or Complements for Market Goods

  • Loehman, Edna T.
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    Nonmarket goods include quality aspects of market goods and public goods which may be substitutes or complements for private goods. Traditional methods of measuring benefits of exogenous changes in nonmarket goods are based on Marshallian demand: change in spending on market goods or change in consumer surplus. More recently, willingness to pay and accept have been used as welfare measures . This paper defines the relationships among alternative measures of welfare for perfect substitutes, imperfect substitutes, and complements. Examples are given to demonstrate how to obtain exact measures from systems of market good demand equations .

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    File URL: http://purl.umn.edu/115913
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    Paper provided by Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance in its series Working Papers with number 115913.

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    Date of creation: 1991
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    Handle: RePEc:ags:rpspwp:115913
    Contact details of provider: Postal: Draper Hall, College of Food and Natural Resources, Amherst, MA 01003
    Web page: http://www.umass.edu/ne165/
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    1. repec:cup:cbooks:9780521296762 is not listed on IDEAS
    2. Silberberg, Eugene, 1972. "Duality and the Many Consumer's Surpluses," American Economic Review, American Economic Association, vol. 62(5), pages 942-52, December.
    3. Willig, Robert D., 1978. "Incremental consumer's surplus and hedonic price adjustment," Journal of Economic Theory, Elsevier, vol. 17(2), pages 227-253, April.
    4. Jeffrey T. LaFrance, 1986. "The Structure of Constant Elasticity Demand Models," Monash Economics Working Papers archive-28, Monash University, Department of Economics.
    5. Bradford, David F, 1970. "Benefit-Cost Analysis and Demand Curves for Public Goods," Kyklos, Wiley Blackwell, vol. 23(4), pages 775-91.
    6. Vartia, Yrjo O, 1983. "Efficient Methods of Measuring Welfare Change and Compensated Income in Terms of Ordinary Demand Functions," Econometrica, Econometric Society, vol. 51(1), pages 79-98, January.
    7. Bradford, David F. & Hildebrandt, Gregory G., 1977. "Observable preferences for public goods," Journal of Public Economics, Elsevier, vol. 8(2), pages 111-131, October.
    8. Hause, John C, 1975. "The Theory of Welfare Cost Measurement," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1145-82, December.
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