The US economy was hit hard by a recession during 2008–2009, which is considered the longest and most severe economic crisis since the end of Great Depression. The recession affected individual economic well-being through unemployment, stock market crashes, and falling real estate prices, all...

A new turn in the research agenda of environmental valuation is under way. Rather than treating stated preference (SP) and revealed preference (RP) as competing valuation techniques, analysts have begun to view them as complementary, where the strengths of each approach can be used to provide...

The focal point of the revealed preference (RP) valuation literature, including recreation demand and random utility maximization (RUM) models, has been on eliciting the “use” value associated with environmental amenities; i.e., that portion of value associated with direct use of a resource....

Recreation demand models typically incorporate measures of the physical attributes of recreational sites; e.g., Secchi depth or phosphorous levels in case of water quality. Moreover, most studies show that individuals do respond to these physical characteristics in choosing where to recreate....

"The first edition of this important work was the winner of the 2002 Publication of Enduring Quality award by the Association of Environmental and Resource Economists. The continuing premise for the book is that estimates of the economic values of environmental and natural resource services are...