TheEconomicTheoryandMeasurementofEnvironmentalBenefits

Thisbookisanadvancedtextinwelfareeconomicsanditsapplicationtoenvironmentaleconomics.Itprovides,inthefirstchapters,acomprehensivesurveyofdevelopmentsinthetheoryofmeasurementofwelfare,andthenappliesthistheorytoenvironmentaleconomics.Thefirstpartderivesconsumersurplusmeasurestobeheldinatimelessworld.Throughouttheemphasisisonthecircumstancesinwhichamoneymeasurecorrectlyreflectstheunderlyingutilitychange.Fourmaincasesareconsidered:unrationedprivategoods,rationedprivategoods,publicgoodsorexternalities,anddiscretechoices.Reviewsofpracticalmethodologiesforthecalculationofconsumers'surplusfortheseclassesofgoodsarealsogiven.Thesecondpartlooksatintertemporalissues.Inparticular,itderivescomsumerfacesriskanduncertainty.Thebookisintendedforadvancedcoursesinenvironmentalandwelfareeconomics,andasareferenceworkforthoseinterestedinthetheoryofmeasurementofwelfareanditsapplicationtoenvironmentaleconomics.