Valuing Increments and Decrements in Natural Resource Service Flows

David S. Brookshire, Alan Randall and John R. Stoll

American Journal of Agricultural Economics, 1980, vol. 62, issue 3, 478-488

Abstract: A general model for valuation of changes in natural resource service flows, entirely consistent with Hicksian concepts of consumer surplus, is developed. It is a total value model, applicable to all classes of goods: divisible and indivisible in production, divisible and indivisible in consumption, exclusive and nonexclusive. The standard result of partial equilibrium microeconomics—price is equal to value at the margin-may be derived as a special case from this model. An empirical application involving the valuation of changes in the provision of wildlife-related amenities is presented.

Date: 1980
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