Reconsidering the use of Hicks neutrality to recover total value

Article Abstract:

The usage of Hicks neutrality to determine the recovery of total value of an environmental good from market demand information was investigated. Researchers have resorted to a weak complementarity assumption to address problems encountered in recovery of total value. Neill has proposed a solution by introducing parameters for changes on the marginal value of environmental goods as reflected on how the demand for market goods react to changes in the environmental good. It was concluded that the Hicks neutrality should not be used due to insufficient economic and mathematical support.

Economic aspects, Environmental economics, Value (Economics)

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The relationship between the income elasticities of demand and willingness to pay

Article Abstract:

The elasticity of willingness to pay publicly provided environmental goods are dependent on a number of economic forces and other unobservable factors, as shown by an analysis using a rationed economic model. The analysis proved that income elasticity of willingness to pay is relative to demand income elasticity of other rationed goods and substitutability between them. It was also determined that the income elasticity of environmental goods is more or less equal to one budget share factor. Other expenditure adjustment factors were also cited as responsible of inducing divergence.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Income, Elasticity (Economics)

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Sequencing and valuing public goods

Article Abstract:

It can be inferred that if the total of independent valuations for increases is smaller than the costs of provision for a package of increases, then the package of increases must not be undertaken. In cases when the total of independent values surpasses the cost of giving the package, confidence must necessarily weaken. Employing willingness to pay as an approximation of willingness to receive is by definition a modest estimate.

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