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Environmental and Resource Valuation with Revealed Preferences: A Theoretical Guide to Empirical Models provides a systematic review of those economic approaches for valuing the environment and natural resources that use information on what people do, not what they say. The authors have worked on models of revealed preferences for valuing environmental and natural resources for several decades and authored some of the seminal papers in the field. The book is a natural outcome of their conceptual contributions and their many years of experience in empirical policy research, natural resource damage litigation and teaching on the topic.
The chief purpose of Environmental and Resource Valuation with Revealed Preferences is to collect in one place current thought on the various revealed preference approaches to environmental valuation and to subject these approaches to consistent theoretical critique.
Preface.- 1. Setting the Stage.- 2. Welfare Economics for Price Changes.- 3. The Concept of Weak Complementarity.- 4. Implementing Weak Complementarity.- 5. Measuring Welfare in Discrete Choice Models.- 6. Hedonic Models of Heterogenous Goods.- 7. Hedonic Wage Analysis.- 8. Public Goods in Household Production.- 9. The Environment as an Input into Firms? Production.- 10. Some Broader Considerations.- References. Index.
From the reviews: "In this book, Bockstael and McConnell concisely synthesis the economic principles that must be followed for revealed preference methods to yield valid welfare measures. ! This book provides that grounding in a clear and concise way. In addition, this book will be a major time saver to applied environmental economists attempting to do theoretically sound empirical work." (John Loomis, Environmental and Resource Economics, Vol. 42, 2009)
