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Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources

88 Pages Posted: 26 Nov 1997  

V. Kerry Smith

Arizona State University (ASU) - Economics Department; National Bureau of Economic Research (NBER)

Abstract

This paper provides a selective overview of the modeling and estimates of the economic values of environmental resources. Travel cost, hedonic property values, contingent valuation and household production models are discussed and evaluated. Two new approaches - calibrated models and conjoint analysis - are compared with existing methods. For each class of models the review identifies some of the current research issues and potential areas for linking the results to policy.

JEL Classification: Q2, H40

Suggested Citation

Smith, V. Kerry, Pricing What is Priceless: A Status Report on Non-Market Valuation of Environmental Resources. Available at SSRN: https://ssrn.com/abstract=31974 or http://dx.doi.org/10.2139/ssrn.31974

V. Kerry Smith (Contact Author)

Arizona State University (ASU) - Economics Department ( email )

Tempe, AZ 85287-3806
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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