By Robert J. Johnston, John Rolfe, Randall S. Rosenberger, Roy Brouwer
This booklet presents a accomplished evaluation of environmental profit move tools, concerns and demanding situations, masking issues correct to researchers and practitioners. Early chapters offer available introductory fabrics appropriate for non-economists. those chapters additionally aspect how profit move is used in the coverage procedure. Later chapters disguise extra complex themes suited for valuation researchers, graduate scholars and people with comparable wisdom of monetary and statistical concept and techniques. This e-book offers the main entire insurance of environmental profit move tools on hand in one location.
The booklet ambitions a large viewers, together with undergraduate and graduate scholars, practitioners in economics and different disciplines trying to find a one-stop instruction manual masking profit move subject matters and those that desire to practice or assessment profit move equipment. it's designed for these either with and with no education in economics
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Extra resources for Benefit Transfer of Environmental and Resource Values: A Guide for Researchers and Practitioners
The model assumes that, after considering the pros and cons of all options, people will make choices that they expect to provide the greatest long-term satisfaction or utility. , beneﬁts, costs, and WTP) with the well-being of individuals, households, or groups. The choice of valuation method(s) is determined by the type of values that are likely to be present. Revealed preference methods are based on the analyses of observed human behavior. Examples include recreation demand models and hedonic property value models (Bockstael and McConnell 2010; Champ et al.
2002, 2006). Structural beneﬁt transfer requires the analyst to specify a speciﬁc, structural preference or utility function able to describe an individual’s choices over a set of 5 Johnston et al. (2006a) illustrate the potential risks of this approach related to the sensitivity of resulting transfer estimates. J. Johnston et al. market and nonmarket goods, presuming standard budget-constrained utility maximization. One then derives analytical expressions that determine a relationship between each available beneﬁt measure from existing primary studies and the assumed utility function, inasmuch as possible guided by economic theory.
2004). Here, we focus on the basic theoretical foundation for beneﬁt or value estimation, although similar theoretical guidelines apply to the estimation of most empirical quantities used within beneﬁt transfer. , businesses). They are always quantiﬁed in comparative terms, relative to a welldeﬁned baseline, and reflect the welfare (or well-being) of individuals or groups. For individuals, beneﬁts are generally measured as the maximum amount of other goods that the individual is willing to forego in order to obtain another good that is desired.