We study the heterogeneity of preferences regarding the limited substitutability of environmental public goods vis-a-vis private consumption goods and how it affects the economic valuation of environmental public goods. We show theoretically that mean marginal willingness to pay for an...

A growing literature in economics uses subjective well-being data collected in surveys as a proxy for utility. Environmental economists have combined these data with the public goods experienced by respondents using a novel non-market valuation approach: the experienced preference approach. In...