Option and Anticipatory Values of US Wilderness

Richard G. Walsh and John R. McKean

in Valuing Environmental Preferences

Published in print November 2001 | ISBN: 9780199248919
Published online November 2003 | e-ISBN: 9780191595950 | DOI:
 Option and Anticipatory Values of US Wilderness

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The concept of an option is extended to an access right, and behavioural consequences of the concept and its economic significance is mapped out. An ex ante model of the planned expenditure function is specified and tested in a case study. Site visits are not essential to an indirect use value of options for resource‐related activities such as obtaining information from reading, watching TV, and discussing the site with other persons. Recreation options include both complementary and substitute linkages.

Keywords: anticipatory behaviour; expected consumer surplus; indirect uses; option price; option value; welfare effects

Chapter.  13295 words.  Illustrated.

Subjects: Economic Development and Growth

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