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- Title
Scope for Valuation of Environmental Goods.
- Authors
Pendse, Dilip; Wyckoff, J. B.
- Abstract
This article presents a study to determine trade-off values for six variables — natural surroundings, various types of noises, recreation park facilities, vehicular traffic, travel time to work and parking convenience. These variables were chosen on the basis of environmental conditions and the community interest at Oregon State University. Prices representing the approximate annual per person cost were estimated for each situation. These prices generally increased as the environmental quality improved. A budget of $18, approximating the annual costs incurred per person for maintenance of the environment under study, was derived. Respondents were to allocate this budget to "buy" one of the three standards from each variable in such a way that the total budget was exhausted and the respondent was indifferent to further tradeoffs. The budget was insufficient to permit the purchase of the good standard of each variable, thus requiring quality trade-offs. The act of selecting that composition of variables that maximized the respondents' satisfaction within the budget constraint established the relative value of different variables.
- Subjects
ENVIRONMENTAL economics; NOISE; RECREATION; VALUATION; COMMUNICATIONS industries; CONJOINT analysis; PARKING facilities; PARK facilities; PRICING
- Publication
Land Economics, 1974, Vol 50, Issue 1, p89
- ISSN
0023-7639
- Publication type
Report
- DOI
10.2307/3145231