A more formal treatment can be found in Alan Randall, Total and Nonuse Values, in John B.
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A more formal treatment can be found in Alan Randall, “Total and Nonuse Values,” in John B. Braden and Charles D. Kolstad (editors), Measuring the Demand for Environmental Quality (New York, NY: North-Holland, 1991), 303–21. The original analysis of the importance of the sequence of valuation can be found in J. R. Hicks, A Revision of Demand Theory (Oxford: Clarendon Press, 1956), 169–79.
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Total value refers to the overall value that an individual places on a particular resource or good including both its use value the value of the good ...View the full answer
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ISBN: 9781108401296
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Authors: Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, David L. Weimer
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