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Time and the Valuation of Environmental Resources

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  • Smith, V. Kerry

Abstract

This paper considers the modeling strategies that have been used to incorporate time in revealed and stated preference methods for valuing environmental resources. After reviewing a subset of the economic models for describing time as an input to household production; time in creating habits and persistence in demand for particular services of environmental resources, and time as offering an opportunity for future consumption, the overview suggests that time has been used as a complement in production or consumption to marketed goods in each of these frameworks. The paper suggests two possible alternatives. This structure along with further restrictions to preferences or technology implies that there are other strategies for using revealed preference data to measure the economic value of changes in environmental quality.

Suggested Citation

  • Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," Working Papers 97-36, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:97-36
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    Cited by:

    1. Larson, Douglas M. & Shaikh, Sabina L., 1999. "An Inverse Demand Approach To Recreation Fishing Site Choice And Implied Marginal Values," 1999 Annual meeting, August 8-11, Nashville, TN 21577, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Vickner, Steven S., "undated". "Measuring the Value of Convenience: A Hedonic Pricing Model Approach in the Market for Breakfast Sausages," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124902, Agricultural and Applied Economics Association.
    3. Natalia N. Borisova & Allen C. Goodman, 2003. "Measuring the value of time for methadone maintenance clients: willingness to pay, willingness to accept, and the wage rate," Health Economics, John Wiley & Sons, Ltd., vol. 12(4), pages 323-334, April.
    4. Kathleen P. Bell & Ivar E. Strand, 2003. "Reconciling Models of Recreational Route and Site Choices," Land Economics, University of Wisconsin Press, vol. 79(3), pages 440-454.
    5. Grinols, Earl L., 1999. "Distance Effects in Consumption: Measuring Distance Value with Application to Casino Siting," The Review of Regional Studies, Southern Regional Science Association, vol. 29(1), pages 63-76, Summer.
    6. Stephen Hynes & Nick Hanley & Eoghan Garvey, 2007. "Up the Proverbial Creek without a Paddle: Accounting for Variable Participant Skill Levels in Recreational Demand Modelling," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 36(4), pages 413-426, April.
    7. Steven S. Vickner, 2015. "Estimating the Implicit Price of Convenience: A Hedonic Analysis of the US Breakfast Sausage Market," Agribusiness, John Wiley & Sons, Ltd., vol. 31(2), pages 281-292, April.
    8. Swait, Joffre & Adamowicz, Wiktor & Bueren, Martin van, 2004. "Choice and temporal welfare impacts: incorporating history into discrete choice models," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 94-116, January.

    More about this item

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • H40 - Public Economics - - Publicly Provided Goods - - - General

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