By Per-Olov Johansson
ISBN-10: 0521447925
ISBN-13: 9780521447928
This booklet is a complicated textual content in utilized welfare economics and its software to environmental economics. the writer is going a ways past the prevailing literature, deriving units of principles that may be used to evaluate the social merits and prices of personal and public area tasks that impact the surroundings. Drawing on a few empirical illustrations, this booklet could be of curiosity not just to these taking complex classes in environmental economics, welfare economics, and public economics, but additionally as a reference for these project undertaking reviews in govt and company.
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Extra resources for Cost-Benefit Analysis of Environmental Change
Example text
This assumes, however, that each change is evaluated subject to all previously considered changes and holding utility throughout at its prespecified level, as is shown in the next section. The practical implication of this is that one cannot simply ask a respondent about his willingness to pay for the opportunity to fish in a polluted lake that is cleaned up, then ask about his willingness to pay for the scenic beauty provided by the restored lake, and then sum these amounts and hope to obtain the total value of the lake.
Let us now introduce a change in environmental quality. For simplicity, this change is taken to leave all prices as well as household income unchanged. 2) where a superscript 0(1) denotes initial (final) level values for environmental goods. Since the utility function is not observable, we need a money measure to evaluate the change in utility. Although a great number of measures have been proposed in the literature, attention is focused here on the concepts of compensating and equivalent variation.
11) ( J so that all extra income (above some minimum level) is spent on the nth good. , and all public goods but z,. 13) where A: is a strictly positive constant. ,zlU>)} (3A. 13). 14). 8). t. 17) where the vector X represents binding constraints on the consumption of goods X and L is a vector of labour supplies. 20) where X=X. 21) remains constant. 21) such that dV=0, achieves this target. 21) from units of utility to monetary units. 20) is: e(p,w,P,X,z, V) = min{px + PX- wL | U(x,X,L,z) > U} =pxc(p,w,X,z,U) + PX- wLc(p,w,X,z,U) where a superscript c means 'compensated'.