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...

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...

The past few years have seen a highly charged debate about whether contingent valuation (CV) surveys can provide valid economic measures of people's values for environmental resources. In an effort to appraise the validity of CV measures of economic value, a distinguished panel of social...

This paper describes production analogs to the conditions used in consumer theory to recover measures of willingness to pay for non-marketed environmental resources. The analysis suggests that both weak complementarity and Hicksian neutrality have production analogs. Moreover, it indicates that...

This paper considers the modeling strategies that have been used to incorporate time in revealed and stated preference methods for valuing environmental resources. After reviewing a subset of the economic models for describing time as an input to household production; time in creating habits and...

Richer countries are safer, healthier places to live. They pollute less and enjoy a higher standard of living. Evaluating the indirect, non-market effects of education requires detailed, microeconomic analyses of education's causal role in people's behavior. Thep purpose of this paper is to...

This article considers the challenges for efforts to introduce environmental quality into modern macro models. These models describe the economy as a dynamic general equilibrium, often using a representative agent to characterize consumers. Macro models are calibrated using a composite of...