Valuing Environmental and Natural Resources
The Econometrics of Non-market Valuation
Author: Kenneth E. McConnell and Timothy C. Haab Series: New Horizons in Environmental Economics series
Non-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values.
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Summary
Non-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values.
Description
Non-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this work, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values. The authors develop the econometric models that underlie the basic methods: contingent valuation, travel cost models, random utility models and hedonic models. They analyse the measurement of non-market values as a procedure with two steps: the estimation of parameters of demand and preference functions and the calculation of benefits from the estimated models. Each of the models is carefully developed from the preference function to the behavioural or response function that researchers typically deal with.
About the Author
Timothy C. Haab, Assistant Professor, Department of Agricultural, Environmental and Development Economics, Ohio State University, US and Kenneth E. McConnell, Professor, Department of Agricultural and Resource Economics, University of Maryland, College Park, US
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