In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. However, in a dynamic setting characterized by uncertainty, irreversibility, and the potential for learning, willingness to pay may also contain an option value. In this paper, we...

In 2008, the hypoxic zone in the Gulf of Mexico, measuring 20720 km2, was one of the two largest reported since measurement of the zone began in 1985. The extent of the hypoxic zone is related to nitrogen and phosphorous loadings originating on agricultural fields in the upper Midwest. This...

In this research, we propose a framework to connect SWAT model with a dynamic discrete choice based land use model. With the recent years of cropland data layers published by NASS, USDA and data complied from other sources, we apply this framework to land use change in Upper-Mississippi River...

In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. However, in a dynamic setting characterized by uncertainty, irreversibility, and the potential for learning, willingness to pay may also contain an option value. In this paper, we...