On Measuring the Value of a Nonmarket Good Using Market Data

David Bullock () and Nicholas Minot

No 25272, 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia from International Association of Agricultural Economists

Abstract: Our purpose is to present in detail numerical methods of measuring the value of nonmarket goods using market data, under either weak neutrality, weak complementarity, or any other preference restriction meeting the requirements discussed in this paper. It has been claimed in a number of places in the literature that numerical methods cannot be used to measure the value of nonmarket goods unless the very restrictive Willig conditions are satisfied. We show that this claim is mistaken, and that numerical methods can be used whether or not the Willig conditions are satisfied. Our numerical methods are more flexible than the existing analytical method because ours can be used with any Marshallian demand system.

Keywords: Resource/Energy; Economics; and; Policy (search for similar items in EconPapers)
Pages: 17
Date: 2006
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Citations: View citations in EconPapers (14)

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Journal Article: On Measuring the Value of a Nonmarket Good Using Market Data (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:iaae06:25272

DOI: 10.22004/ag.econ.25272

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