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 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...