Estimating Economic Values for Nature: Methods for Non-Market Valuation

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Estimating Economic Values for Nature presents, in one volume, a collection of V. Kerry Smith's papers prepared over 25 years dealing with the theory and practice of non-market valuation for environmental resources. Taken together, the papers explore the conceptual basis, the implementation process and empirical performance of all available methods of measuring economic values for the services of nature and how these values are constructed from people's choices. The issues discussed in this volume include travel ...
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Overview

Estimating Economic Values for Nature presents, in one volume, a collection of V. Kerry Smith's papers prepared over 25 years dealing with the theory and practice of non-market valuation for environmental resources. Taken together, the papers explore the conceptual basis, the implementation process and empirical performance of all available methods of measuring economic values for the services of nature and how these values are constructed from people's choices. The issues discussed in this volume include travel cost recreation demand, averting behaviour, household production, hedonic property value, hedonic wage and contingent valuation methods. These essays describe what has been learned from past benefit analysis, using meta-analysis, as well as the issues at the frontier of current research in the area. This important volume will be welcomed by environmental and public economists, as well as practitioners of cost-benefit analysis, as an authoritative and comprehensive discussion of non-market valuation.
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Editorial Reviews

Booknews
Presents a collection of Duke University environmental economics professor V. Kerry Smith's papers prepared over the last 25 years, dealing with the theory and practice of non- market valuation for environmental resources. The papers explore the conceptual basis, the implementation process, and the empirical performance of all available methods of measuring economic values for the services of nature and how these values are constructed from people's choices. Issues discussed include travel cost, recreation demand, averting behavior, household production, hedonic property value, hedonic wage, and contingent valuation methods. These essays describe what has been learned from past benefit analysis, using meta-analysis as well as the issues at the forefront of current research. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

Table of Contents

Acknowledgements
Preface
1 Resource Evaluation at a Crossroads 3
2 Can We Measure the Economic Value of Environmental Amenities? 42
3 Nonmarket Valuation of Environmental Resources: An Interpretive Appraisal 56
4 The Estimation and Use of Models of the Demand for Outdoor Recreation 87
5 Taking Stock of Progress with Travel Cost Recreation Demand Methods: Theory and Implementation 120
6 An Econometric Evaluation of a Generalized Consumer Surplus Measure: The Mineral King Controversy 152
7 The Opportunity Cost of Travel Time in Recreation Demand Models 170
8 The Generalized Travel Cost Model and Water Quality Benefits: A Reconsideration 190
9 Selection and Recreation Demand 201
10 Modeling Recreation Demand with a Random Utility Framework 209
11 The Hedonic Travel Cost Model: A View from the Trenches 214
12 Combining Farrell Frontier and Hedonic Travel Cost Models for Valuing Estuarine Quality 228
13 The Spatial Limits of the Travel Cost Recreational Demand Model 234
14 Welfare Effects, Omitted Variables, and the Extent of the Market 243
15 Signals or Noise? Explaining the Variation in Recreation Benefit Estimates 254
16 Urban Amenities and Public Policy 271
17 Market Segmentation and Valuing Amenities with Hedonic Models: The Case of Hazardous Waste Sites 319
18 The Role of Site and Job Characteristics in Hedonic Wage Models 339
19 Hedonic Models and Air Pollution: Twenty-Five Years and Counting 365
20 Indirect Revelation of the Demand for Public Goods: An Overview and Critique 381
21 Household Production Functions and Environmental Benefit Estimation 388
22 Averting Behavior: Does it Exist? 426
23 Marine Pollution and Sport Fishing Quality: Using Poisson Models as Household Production Functions 432
24 Focus Groups and Risk Communication: The "Science" of Listening to Data 441
25 Congestion, Quality Deterioration, and Optimal Use: Wilderness Recreation in the Spanish Peaks Primitive Area 447
26 Option Price Estimates for Water Quality Improvements: A Contingent Valuation Study for the Monongahela River 463
27 An Empirical Analysis of the Economic Value of Risk Changes 483
28 Giving Respondents Time to Think in Contingent Valuation Studies: A Developing Country Application 509
29 Nonuse Values in Benefit Cost Analysis 533
30 On Separating Defensible Benefit Transfers from "Smoke and Mirrors" 541
31 Benefit Estimation Goes to Court: The Case of Natural Resource Damage Assessments 565
32 Environmental Costing for Agriculture: Will It Be Standard Fare in the Farm Bill of 2000? 585
Name Index 599
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