In this paper we develop a random utility model designed to distinguish and estimate, within a single, coherent framework, the use and non-use value of an array of environmental goods. The motivating example is the valuation of improvements in the ecological status of rivers. In a departure from the extreme reduced-form of the standard linear mixed logit specification, our model is developed fr...

The present study attempts to estimate the shadow price of unextracted groundwater in the Vozvozi aquifer. In the context of this study, we model the production function of vertically integrated agricultural firms in terms of an input-oriented distance function with multiple inputs. Duality theory is employed in order to extract information regarding the in situ shadow price of groundwater. Thi...

Scope insensitivity has been a common result in many contingent valuation studies applied to high non-use value resources. Previous studies have explained these results with different arguments, such as the theory of diminishing marginal existence values or even going as far as questioning the validity of contingent valuation method (CVM). In this paper, we conduct a meta-analysis on contingent...