Theoretical Background

Petr Mariel, David Hoyos, Jürgen Meyerhoff, Mikolaj Czajkowski, Thijs Dekker (), Klaus Glenk, Jette Bredahl Jacobsen (), Ulf Liebe (), Søren Olsen, Julian Sagebiel () and Mara Thiene ()
Additional contact information
Thijs Dekker: University of Leeds
Jette Bredahl Jacobsen: University of Copenhagen
Ulf Liebe: University of Warwick
Julian Sagebiel: Swedish University of Agricultural Sciences
Mara Thiene: University of Padua

Chapter Chapter 1 in Environmental Valuation with Discrete Choice Experiments, 2021, pp 1-6 from Springer

Abstract: Abstract This chapter starts by briefly presenting the theoretical background of welfare economics and introducing key aspects such as the indirect utility function, the expenditure function, or the concepts of compensating surplus or equivalent surplus. Next, it draws attention to willingness to pay and willingness to accept, essential measures in environmental valuation. Finally, the chapter summarises the basic mathematical notation of the random utility maximisation models used throughout the book.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-030-62669-3_1

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DOI: 10.1007/978-3-030-62669-3_1

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