We present a model that extends the replacement cost theory to cases where benefits are restored for multiple years. Our theoretical framework derives a functional relationship between investments expenditures and environmental benefits. By extending the investment framework, we model reservoir...

The objective of this analysis is to describe and, if possible, measure gains that farmland owners may have seen because of the public's demand for wetland services. To do so, we first consider landowners' ability to directly sell onsite (hunting, fishing, wildlife viewing) and offsite (water...

The objective of this research is to value soil conservation's impact on reservoirs. Using a model based on replacement cost, we estimate the benefits gained by marginal decreases in soil erosion for more than 75,000 reservoirs across the contiguous States. We aggregate benefits across the...