Marginal Willingness-To-Pay Functions in a Dynamic Complete System

Hoan Jae Park
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Hoan Jae Park: North Carolina State University

Korean Economic Review, 1997, vol. 13, issue 1, 5-36

Abstract: This paper proposes a specification of marginal willingness-to-pay functions in an alternative system, which is called the synthetic inverse demand system (SIDS). It is a new inverse demand system itself and can be used as an alternative hypothesis for a specification test. This paper then extends the system dynamically by incorporat-ing habit formation idea for the first attempt in the inverse demand literature. It will have a contribution to an analysis of a dynamic price formation in a system. Thus, it is hoped that this will enhance its applications to the resource and environmental economics.

Date: 1997
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