Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation

John Crooker and Catherine Kling

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: In this research, we adapt and extend previous work on nonparametric bounds for welfare measures. We present a procedure for estimating upper and lower bounds on each consumer's individual willingness to pay for an environmental improvement. The exciting aspect of this work is that these bounds are derived using only observed quantities and prices of visits to a recreation area without resorting to any parametric assumptions on demand or utility. In Monte Carlo simulations, we find that the bounds have the potential to be narrow enough for policy purposes.

Date: 2000-01-01
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Related works:
Journal Article: Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation (2000)
Working Paper: Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation (2000)
Working Paper: Nonparametric Bounds on Welfare Measures: A New Tool for Nonmarket Valuation (1998)
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