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Valuing Increments and Decrements in Natural Resource Service Flows

Author

Listed:
  • David S. Brookshire
  • Alan Randall
  • John R. Stoll

Abstract

A general model for valuation of changes in natural resource service flows, entirely consistent with Hicksian concepts of consumer surplus, is developed. It is a total value model, applicable to all classes of goods: divisible and indivisible in production, divisible and indivisible in consumption, exclusive and nonexclusive. The standard result of partial equilibrium microeconomics—price is equal to value at the margin-may be derived as a special case from this model. An empirical application involving the valuation of changes in the provision of wildlife-related amenities is presented.

Suggested Citation

  • David S. Brookshire & Alan Randall & John R. Stoll, 1980. "Valuing Increments and Decrements in Natural Resource Service Flows," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 478-488.
    • Handle: RePEc:oup:ajagec:v:62:y:1980:i:3:p:478-488.
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    File URL: http://hdl.handle.net/10.2307/1240202
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