The purpose of this article is to report a new approach for measuring the general equilibrium willingness to pay for large changes in spatially delineated public goods such as air quality. We estimate the parameters of a locational equilibrium model and compute equilibria for alternative...

The purpose of this paper is to extend the Averch-Johnson model of the regulated firm so as to allow for the endogenous selection of factor augmenting technical change. A simple model is developed which avoids the questions of timing, capitalization, and internalization of innovations and...

The purpose of this paper is to evaluate the performance of neoclassical cost functions in estimating input substitution. In contrast to earlier studies, this analysis assumes that the "true" technology is represented by each of three large-scale, engineering, process analysis models....

This paper generalizes results from Anderson, De Palma, and Thisse [1992] linking individual random utility and aggregate representative individual demand models, to consider a comparable relation for the willingness to pay functions for quality attributes of marketed goods. It also suggests how...

This research considers whether the principles developed to analyze the optimal jurisdiction for producing public goods can be applied in cases where regulations of private activities provide the primary means to deliver different amounts of public and quasi-public goods. The analysis evaluates...

This paper reports the first test of how exogenous health shocks impact people's longevity expectations. The analysis exploits the panel structure of the Health and Retirement Study and tests whether smokers, former smokers and those who never smoked react differently to serious, smoking related...