The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Nov, 1976, Volume 44, Issue 6
https://doi.org/0012-9682(197611)44:6<1259:AEEOAG>2.0.CO;2-C
p. 1259-1276
Anthony C. Fisher, Charles J. Cicchetti, V. Kerry Smith
This 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.
