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Behavioral Implications of Nonmarket Valuation Models
Author(s) -
Adamowicz Wiktor L.
Publication year - 1988
Publication title -
canadian journal of agricultural economics/revue canadienne d'agroeconomie
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 37
eISSN - 1744-7976
pISSN - 0008-3976
DOI - 10.1111/j.1744-7976.1988.tb03331.x
Subject(s) - nonmarket forces , valuation (finance) , economics , microeconomics , finance , factor market
A variety of methods exist for the valuation of nonmarket benefits. Some mechanisms determine these values from market data while others use hypothetical questions. This paper examines these mechanisms for valuing nonmarket goods and the attempts to validate these measures. The assumptions and implications of the nonmarket valuation techniques are examined and the various attempts at validation of the results are discussed. In light of the limitations of these validation approaches, a new validation procedure is suggested and an application is presented.