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.The authors develop the econometric
models that underlie the basic methods: contingent valuation,
travel cost models, random utility models and hedonic models. They
analyze 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 behavioral or response function that
researchers observe. The models are then illustrated with datasets
that characterize the kinds of data researchers typically deal
with. The real world data and clarity of writing in this book will
appeal to environmental economists, students, researchers and
practitioners in multilateral banks and government agencies.
General
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