An analysis and comparison of nonmarket valuation techniques

Normally, the value of economic goods is considered as a market determined price. However, many goods in the environmental quality, natural resource, and outdoor recreation areas are not traded on the market. In this paper I examine some of the unique aspects embodied in the value of nonmarket goods...

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Bibliographic Details
Main Author Heisey, Kevin Craig
Format Dissertation
LanguageEnglish
Published ProQuest Dissertations & Theses 01.01.1998
Subjects
Agricultural economics
Comparative analysis
Consumers
Consumption
Copyright
Demand curves
Economics
Economists
Election results
Environmental quality
Estimates
Expenditures
Interviews
Local elections
Market prices
Methods
Polls & surveys
Population
Public good
Public opinion surveys
Researchers
Response rates
Sample size
Studies
Valuation
Welfare economics
Whales & whaling
Willingness to pay
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Summary:Normally, the value of economic goods is considered as a market determined price. However, many goods in the environmental quality, natural resource, and outdoor recreation areas are not traded on the market. In this paper I examine some of the unique aspects embodied in the value of nonmarket goods. After discussing the determination of the value of nonmarket goods, I consider the theory behind, and strengths and weaknesses of three major nonmarket valuation techniques used by economists: the contingent valuation method, the travel cost method, and the hedonic price method. Finally, I use the travel cost method to estimate the value of deer hunting in North Carolina to provide a detailed example of a nonmarket valuation problem.
ISBN:9780599060876
0599060875