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Valuing Environmental and Natural Resources: The Econometrics of Non-market Valuation

Series: New Horizons in Environmental Economics

By: TC Haab and KE McConnell

320 pages, Figs, tabs

Edward Elgar

Paperback | Jan 2003 | #141154 | ISBN: 1843763885
Availability: Usually dispatched within 5 days Details
NHBS Price: £40.00 $51/€45 approx
Hardback | May 2002 | #129125 | ISBN: 1840647043
Availability: Usually dispatched within 5 days Details
NHBS Price: £91.00 $116/€102 approx

About this book

Non-market valuation has become a broadly accepted and widely practised means of measuring the economic values of the environment and natural resources. This book provides 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 behavioural or response function that researchers observe. The models are then illustrated with datasets that characterize the kinds of data researchers typically deal with.


Part I Introduction: welfare economics for non-market valuation. Part II Contingent valuation: parametric models for contingent valuation; distribution-free models for contingent valuation; the distribution of willingness to pay; topics in discrete choice contingent valuation. Part III Revealed preference models: modelling the demand for recreation; single site demand estimation; site choice models; hedonic price equations; new directions in non-market valuation. Part IV Appendices: maximum likelihood estimation; some useful results.

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