Valuing the Multidimensional Impacts of Environmental Policy: Theory and Methods

John Hoehn ()

American Journal of Agricultural Economics, 1991, vol. 73, issue 2, 289-299

Abstract: A theoretically consistent framework is developed for valuing the multidimensional impacts of environmental policy. Conventional benefit estimates are shown to be biased because of the presence of substitution and complementarity effects in valuing policy impacts. Procedures are developed for implementing a valid framework. Consistent with theory, empirical results indicate significant substitution effects in valuing environmental conditions across different geographic regions.

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:73:y:1991:i:2:p:289-299.

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