Environmental Valuation under Dynamic Consumer Behavior

dc.contributor.author Zhao, Jinhua
dc.contributor.author Kling, Catherine
dc.contributor.author Kling, Catherine
dc.contributor.department Center for Agricultural and Rural Development
dc.date 2018-02-16T13:19:43.000
dc.date.accessioned 2020-06-30T01:04:03Z
dc.date.available 2020-06-30T01:04:03Z
dc.date.embargo 2015-06-15
dc.date.issued 2002-01-01
dc.description.abstract <p>The paper presents two simple models of dynamic consumer behavior, both taking into consideration the implications for welfare measurement when agents can delay transactions while obtaining additional information. One model studies the effect when a purchased good is non-perishable and can be consumed in the future, while the other model introduces a perishable good, implying that the quantity of consumption can vary in each period. Even in the case of the perishable item, the availability of information at the time of the consumption decision has important implications for welfare measurement. Agents who must make a decision at the present but know that additional information will be available later may change their income allocation to take advantage of the future information. When this leads to the capture of different information sets at these different times, welfare assessment may be (but is not necessarily) inconsistent with the empirical evidence and may be inappropriate for use in policy valuation.</p>
dc.identifier archive/lib.dr.iastate.edu/card_workingpapers/336/
dc.identifier.articleid 1316
dc.identifier.contextkey 7219297
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath card_workingpapers/336
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/12672
dc.source.bitstream archive/lib.dr.iastate.edu/card_workingpapers/336/02wp292.pdf|||Fri Jan 14 23:39:29 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Behavioral Economics
dc.subject.keywords intertemporal welfare measures
dc.subject.keywords welfare measurement
dc.subject.keywords willingness to pay
dc.title Environmental Valuation under Dynamic Consumer Behavior
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isAuthorOfPublication 14c92c4e-682b-4115-b972-a8c4a58874ec
relation.isOrgUnitOfPublication 1a6be5f1-4f64-4e48-bb66-03bbcc25c76d
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