Valuing Environmental and Natural Resources

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 data sets 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.