Course Description
Nonmarket valuation is one of the critical tools in environmental and resource economics. This course explores nonmarket valuation in environmental economics, covering empirical techniques and topics like revealed preference methods (hedonics, sorting, recreation demand, discrete choice models), stated preference methods (choice experiments), and quasi-experimental policy evaluation.
Athena Title
Nonmarket Economic Valuation
Prerequisite
AAEC 6580-6580L
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Student learning Outcomes
- Students will be able to understand the pros and cons of empirical nonmarket valuation methods to apply them to environmental and resource issues.
- Students will be able to describe and critically evaluate the empirical evidence relevant to the application of nonmarket valuation techniques.
- Students will gain practical experience in teaching a class and providing constructive reviews of papers.
Topical Outline
- Foundation of Nonmarket Valuation
- Identification of Nonmarket Values
- Housing Market Models
a. Hedonic models
b. Sorting models
c. Quasi-experiments
- Discrete Choice Models
- Recreation Demand Models
- Climate Change Economics
- Other Revealed Preference Models
- Stated Preference Methods
