Comparability of Market Prices and Consumer Surplus for Resource Allocation Decisions
When a consistent theoretical structure is used for assessing the economic worth of different resources, monetary values assigned to nonmarketed outputs from forested lands (such as recreation) are comparable to market prices for marketed outputs. Microeconomic theory is used to determine when consumer surplus should be included as a part of the value assigned to a change in output. The exclusion or inclusion of consumer surplus depends on whether the change being considered is small or large relative to market demand. Combining information about the dollar value of outputs with similar information about costs facilitates economic efficiency analysis for the purpose of resource allocation decisions.
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Document Type: Journal Article
Affiliations: Economist, U.S. Forest Service, Rocky Mountain Forest and Range Experiment Station, Fort Collins, CO.
Publication date: 1985-02-01
2016 Impact Factor: 1.675 (Rank 20/64 in forestry)
Average time from submission to first decision: 39.6 days*
June 1, 2016 to Feb. 28, 2017
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