Shadow Prices of Missouri Public Conservation Land

Rolf Färe, Shawna Grosskopf and William L. Weber
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Rolf Färe: Oregon State University
William L. Weber: Southeast Missouri State University

Public Finance Review, 2001, vol. 29, issue 6, 444-460

Abstract: The directional distance function provides a complete characterization of the production technology and, when differentiable, can be used to derive shadow prices for nonmarket outputs. A quadratic functional form and the linear programming least absolute deviations method is used to implement the model and to estimate shadow prices and total value for the nonmarket characteristics of Missouri conservation land.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:29:y:2001:i:6:p:444-460

DOI: 10.1177/109114210102900602

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