This paper provides a selective overview of the modeling and estimates of the economic values of environmental resources. Travel cost, hedonic property values, contingent valuation and household production models are discussed and evaluated. Two new approaches - calibrated models and conjoint...

This paper evaluates the importance of site-specific environmental amenities as a source of product differentiating market power. Using estimates from hedonic price equations and residual demand models, the analysis recovers firm-specific estimates of price markup and estimates of the marginal...

This paper considers two areas of current research related to environmental economics: 1. the use of quasi-experimental or “experimentalist” methods to evaluate the effects of environmental policies; and 2. the implications of the Stern Report on the economic consequences of global climate...

Information frictions imply it is reasonable to expect the same commodity, in a given location, to sell for different prices at the same time. Aguiar and Hurst (AH) [2007] demonstrate how the search behavior implied by these price differences can be used estimate the opportunity cost of time....

This paper proposes a simple index of the welfare significance of uncertainty in the public goods resulting as policy outcomes. Our measure is the ex ante compensation an individual would require to accept an uncertain level of service compared to receiving the expected value of the distribution...

This paper examines a new strategy for evaluating whether the size of a new environmental regulation requires that benefit cost analyses consider general equilibrium effects. Size in the context refers to both the magnitude and distribution of cost increases across sectors and the benefits...

In 1992 the National Oceanic and Atmospheric Administration (NOAA) convened a panel of prominent social scientists to assess the reliability of natural resource damage estimates derived from contingent valuation (CV). The product of the Panel's deliberations was a report that laid out a set of...

This paper considers the ways that education might influence the environmental quality that people experience. Education could accomplish these effects by promoting private behavior that enhances environmental quality for everyone, or by increasing people's effectiveness in protecting themselves...

This paper considers two tests proposed to judge the internal consistency of contingent valuation estimates. Both tests are quite sensitive to the maintained hypotheses required to derive fairly precise expectations for the properties of WTP functions. This result suggests a different approach...

This review focuses on four key scholars who were instrumental in helping to launch the field of natural resource economics: Siegfried von Ciriacy-Wantrup, James Crutchfield, John Krutilla, and Anthony Scott. Their contributions include recognizing natural resources as renewable capital, thereby...