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Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources

Author

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  • Smith, V. Kerry

Abstract

This paper provides a selective overview of the modeling and estimates of the economic values of environmental resources. Travel cost, hedonic property values, contingent valuation and household production models are discussed and evaluated. Two new approaches - calibrated models and conjoint analysis - are compared with existing methods. For each class of models the review identifies some of the current research issues and potential areas for linking the results to policy.

Suggested Citation

  • Smith, V. Kerry, 1996. "Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources," Working Papers 96-30, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:96-30
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    Cited by:

    1. Kim, Sooil & Haab, Timothy C., 2005. "Generalized Estimation Methods for Non-i.i.d. Binary Data: An Application to Dichotomous Choice Contingent Valuation," 2005 Annual meeting, July 24-27, Providence, RI 19138, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Willmarth, Blake & Turner, Robert, 2010. "Respondent Consistency in a Tournament-Style Contingent Choice Survey," Working Papers 2010-05, Department of Economics, Colgate University.
    3. Kenneth Y. Chay & Michael Greenstone, 2005. "Does Air Quality Matter? Evidence from the Housing Market," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 376-424, April.

    More about this item

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • H40 - Public Economics - - Publicly Provided Goods - - - General

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