The manner in which WTP survey responses are elicited has received much attention in the nonmarket valuation literature because of the potential bias that may be introduced via alternate response formats. One issue of particular concern is that of incentive compatibility. Several studies have...

The manner in which WTP survey responses are elicited has received much attention in the nonmarket valuation literature because of the potential bias that may be introduced via alternate response formats. One issue of particular concern is that of incentive compatibility. Several studies have...

This paper proposes using a control function to correct for endogeneity in recreation demand models. The control function approach is contrasted with the method of alternative specific constants (ASCs), which has been promoted in prior research. As an application, we consider the case of travel...

The public demand for ecosystem services measured by willingness to pay (WTP) in contingent valuation studies provides important information for designing Payment-for-Ecosystem-Service (PES) programs. However, the hypothetical markets for contingent valuation and respondents’ unfamiliarity...

This paper studies the welfare impact of alternative scenarios of trade protectionism and liberalization in Argentina. The impact of the different trade policies is assessed in two different ways. We first use the multi-sectoral and multi-regional computable general equilibrium MIRAGE model to...

We conduct models and tests to ascertain whether there are speculative bubbles and which factors contribute to the bubbles if there exits one. In the model, we use the option value to represent the investment value of farm real estate and compare the option value, calculated from dynamic...