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| Author: | Medin, H. Nyborg, K. Bateman, I. |
| Title: | The assumption of equal marginal utility of income: how much does it matter? |
| Journal: | Ecological Economics
2001 : MAR, VOL. 36:3, p. 397-411 |
| Index terms: | COST BENEFIT ANALYSIS ENVIRONMENTAL PROTECTION PUBLIC GOODS UTILITY ASSESSMENT |
| Language: | eng |
| Abstract: | In most applied cost-benefit analyses, individual willingness to pay (WTP) is aggregated without using explicit welfare weights. In this paper, the authors use data from seven contingent valuation studies to illustrate that if one instead assumes equal marginal utility of the public good for all individuals, aggregate monetary benefit estimates change dramatically. |
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