When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility-consistent model of choice subject to two constraints. Furthermore, when information is collected on both,...

When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility-consistent model of choice subject to two constraints. Furthermore, when information is collected on both,...

Two-constraint models are common in recreation-demand analysis because of the important role time can play in consumer choices. Two versions of Roy's identity hold for these models and imply coefficient restrictions on empirical demand functions. The two-constraint restrictions are fully...

Diversified agricultural households often use byproducts of one activity as inputs for another. For crop-livestock farmers, cereal production provides grain and crop residue, where the latter can be used as livestock feed. To properly assess the cost of introducing new technologies into such...

Control of nonpoint source pollution often requires regulation of inputs, but first-best solutions are unattainable. Because inputs are monitored by different agencies and regulatory coordination can be costly, it may be more practical to regulate single inputs. A cost-effectiveness approach to...

“Optimal” bycatch rules and quota share price estimates are derived from a multispecies production technology model of the factory trawler fleet targeting on midwater pollock in the Bering Sea/Aleutian Islands region of the North Pacific Ocean. Data routinely collected by federal and state...