Nonmarket goods include quality aspects of market goods and public goods which may be substitutes or complements for private goods. Traditional methods of measuring benefits of exogenous changes in nonmarket goods are based on Marshallian demand: change in spending on market goods or change in...

Procedures are needed to evaluate the benefits of the provision of information. This paper shows how to apply a money metric definition of the value of information for this purpose. The application is to microeconomic input choices for agricultural production, and the information to be valued...

Two different willingness-to-pay responses are compared-willingness to pay to avoid loss of air quality and willingness to pay to obtain gains in air quality. Contingent valuation data were used to estimate bid functions for these two types of responses for visibility and health. Comparison of...

For production risk with identified physical causes, the nature of risk, production characteristics, risk preference, and prices determine optimal input use. Here, a two-way classification for pairs of inputs – each input as being risk increasing or decreasing and pairs as being risk...