Econometrica: Nov 1976, Volume 44, Issue 6
An Econometric Evaluation of a Generalized Consumer Surplus Measure: The Mineral King Controversy
Anthony C. Fisher, Charles J. Cicchetti, V. Kerry SmithThis paper develops a household production model of individual behavior to focus on the choice of recreational activities. This framework is used to propose a generalized approach for measuring the consumer surplus associated with a natural resource development project. The model is applied to the proposed Mineral King project in California. The results indicate that the project is unlikely to yield a positive net present value.
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