There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...

Many measurements of consumer welfare have been proposed to reflect the income equivalent of a welfare change Measures used in policy evaluations are compensating variation, equivalent variation, Paasche variation, Laspeyres variation, and consumer's surplus This research presents an empirical...

Comparable empirical estimates of the market and nonmarket values of range cattle production and hunting activity on the same land are developed in the welfare economic framework of consumersÂ’ surplus, producersÂ’ surplus, and the corresponding Hicksian consumer welfare measures. The...

A simulation model containing both economic (monetary) and socio-environmental (value index) components is developed in a case study of predator control alternatives. Particular emphasis is given to the description and justification of the socio-economic model. The economic model is estimated in...

Economic analysis shows that the Central Arizona Project will be a poor investment from the point of view of individual farmers. Yet farmers support the Project. In this study of the economics and politics of the CAP, farmers are questioned as to their information, perceptions and motivations....

A restructuring of current theoretical and empirical research efforts is required if valuation estimates are to be of use in multiple-use policy making, a restructuring that focuses on the impact of recreation quality on recreation benefits and efficient wildlife herd sizes. The argument is...