A simple explanation within the theory of indifference curves is offered for the experimental observations concerning the disparity between willingness to pay (WTP) and willingness to accept (WTA). Following Morrison's evidence, this explanation rests largely on the endowment effect. Two demand...

The present trend to more quantitative analysis for public decisions on land allocation has included studies based on the opportunity cost criterion. This encouraging trend could be promoted through improved use of the criterion. Two important improvements are the analysis of uncertainty and the...

The paper employs a methodology that enables the elicitation of the price and quantity of environmental capital (KN) at an aggregate macroeconomic level. The stock of KN considered here is confined to the air-shed of an economy that gets utilized in the process of economic growth. A time series...

Purpose – The object of this paper is to demonstrate that the promotion of altruistic behavior can in fact be regarded as an instrument of public policy. Design/methodology/approach – This objective is achieved by adapting the standard theory of consumer behavior in microeconomics to the...