This working paper concerns the estimation of benefits used in the evaluation of development projects, especially those within public facilities or environmental projects. The estimation of benefits uses a variety of techniques, both contingent valuation and behavioral techniques. Benefit...

This working paper concerns the estimation of benefits used in the evaluation of development projects, especially those within public facilities or environmental projects. The estimation of benefits uses a variety of techniques, both contingent valuation and behavioral techniques. Benefit...

Random utility models rely on the properties of the logistic distribution for ease of estimation, but this distribution implies the independence of irrelevant alternatives (IIA). The random parameters logit model offers a means of avoiding the IIA assumption as well as greater heterogeneity...

The notion of diminishing marginal value has had a profound impact on the development of neoclassical theory. Early neoclassical scholars had considerable difficulty convincing contemporaries of the new paradigm's value until political economists, including Jevons and Walras, used the critical...

Estimation of the economic value of irrigation water is complicated by a lack of data on the price or marginal cost of water. Through econometric estimation of an aggregate total value product function, this paper obtains marginal irrigation water value estimates for the Middle Atlantic region....