Using Biomedical Technologies to Inform Economic Modeling: Challenges and Opportunities for Improving Analysis of Environmental Policies

51 Pages Posted: 22 Jul 2007 Last revised: 10 Nov 2008

See all articles by Brian E. Roe

Brian E. Roe

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics

Timothy C. Haab

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics

Date Written: April 1, 2007

Abstract

Advances in biomedical technology have irrevocably jarred open the black box of human decision making, offering social scientists the potential to validate, reject, refine and redefine the individual models of resource allocation that form the foundation of modern economics. In this paper we (1) provide a comprehensive overview of the biomedical methods that may be harnessed by economists and other social scientists to better understand the economic decision-making process; (2) review research that utilizes these biomedical methods to illuminate fundamental aspects of the decision-making process; and (3) summarize evidence from this literature concerning the basic tenants of neoclassical utility that are often invoked for positive welfare analysis of environmental policies. We conclude by raising questions about the future path of policy related research and the role biomedical technologies will play in defining that path.

Suggested Citation

Roe, Brian E. and Haab, Timothy C., Using Biomedical Technologies to Inform Economic Modeling: Challenges and Opportunities for Improving Analysis of Environmental Policies (April 1, 2007). RFF Discussion Paper No. 07-26. Available at SSRN: https://ssrn.com/abstract=1001336 or http://dx.doi.org/10.2139/ssrn.1001336

Brian E. Roe (Contact Author)

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics ( email )

2120 Fyffe Rd
Columbus, OH 43210-1067
United States
614-688-5777 (Phone)

HOME PAGE: http://https://aede.osu.edu/our-people/brian-e-roe

Timothy C. Haab

Ohio State University (OSU) - Department of Agricultural, Environmental & Development Economics ( email )

2120 Fyffe Rd
Columbus, OH 43210-1067
United States

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