Description
Book SynopsisEstimating Economic Values for Nature presents, in one volume, a collection of V. Kerry Smith's papers prepared over 25 years, dealing with the theory and practice of non-market valuation for environmental resources.
Taken together, the papers explore the conceptual basis, the implementation process and empirical performance of all available methods of measuring economic values for the services of nature and how these values are constructed from people's choices. The issues discussed in this volume include travel cost, recreation demand, averting behaviour, household production, hedonic property value, hedonic wage and contingent valuation methods. These essays describe what has been learned from past benefit analysis, using meta-analysis, as well as the issues at the frontiers of current research in the area.
This important volume will be welcomed by environmental and public economists, as well as practitioners of cost-benefit analysis, as an authoritative and comprehensive discussion of non-market valuation.
Trade Review'The book, while demonstrating the evolution in theoretical thinking produced by a major contributor to the literature, also establishes the state-of-the-art for practitioners and scholars of non-market valuation generally. In this setting, this compilation is highly recommended as a valuable new reference book.'Table of ContentsContents: Part I: Setting the Stage Part II: Indirect Methods as Detective Work Section A: Travel Cost Recreation Demand Models Section B: Hedonic Models – Property and Labour Markets Section C: Household Production Models – Theory and Practice Part III: Direct Methods as Listening to ‘Data’ Part IV: New Horizons Index
