percent of the national average wage rate: but the demand model used to analyze partic a Canadian project might imply some other value ime. It is relatively of easy rectangle CAFC, by decomposing Co-C) into its money component and ils time component but there is no obvious"correction" to the triangle Air because line An is inconsistent with the value f time. Often the triangle is much smaller than the rec so it does not matte much where it does matter, one solution is to re-estimate the underlying demand model while g the coefficients to bear relationship to each other consistent with the omcial value of a e resulting demand model may not fit the data as well, but in a crude way it takes into account additional information embodied in the earlier choice of the official value of time illingness to pay also deals realistically with risk even risk of events, such as injurie deaths, en believed not amenable to monetary evaluation. M projects affect people's health or safety in an anonymous way, as when increased air pollution causes s incre in each risk of getting lung cancer. Thus one does no Person ask Suzanne Citizen how much she would pay to avoid etting lung cancer. One instead asks(or estimates directly) how much she and illing to pay to avoid small measurable risks, for example by moving to less polluted others are w but more expensive neighborhoods, by installing smoke detectors, or by ordering air bag for their cars. This kind of investigation has proven e, as described in a ter section of this chapter lingness to pay remains an appropriate measure of benefits and costs even when markets are not free. For example, people may be willing to pay more than the quoted price for fuel that is subject to price controls, or for imports that are restricted by quotas Similarly, if a resource such as labor or capital would otherwise be underused, willingness to pay may be less than the market price. Considerable literature exists on how to compute willingness to pay in such often, it can be done by valuing an affected resource al a shadow price rather than a market price the difference being estimated from an analysis of the market imperfection." A warning is in however, when considering underemployed labor portant to recognize that order, macroeconomic policies may offset anyjob-creating or b-destroying effects of the project being
evaluated because those policies are aimed at other goals such as price stability, foreign exchange
percent of the national average wage rate: but the demand model used to analyze partic a Canadian project might imply some other value ime. It is relatively of easy rectangle CAFC, by decomposing Co-C) into its money component and ils time component but there is no obvious"correction" to the triangle Air because line An is inconsistent with the value f time. Often the triangle is much smaller than the rec so it does not matte much where it does matter, one solution is to re-estimate the underlying demand model while g the coefficients to bear relationship to each other consistent with the omcial value of a e resulting demand model may not fit the data as well, but in a crude way it takes into account additional information embodied in the earlier choice of the official value of time illingness to pay also deals realistically with risk even risk of events, such as injurie deaths, en believed not amenable to monetary evaluation. M projects affect people's health or safety in an anonymous way, as when increased air pollution causes s incre in each risk of getting lung cancer. Thus one does no Person ask Suzanne Citizen how much she would pay to avoid etting lung cancer. One instead asks(or estimates directly) how much she and illing to pay to avoid small measurable risks, for example by moving to less polluted others are w but more expensive neighborhoods, by installing smoke detectors, or by ordering air bag for their cars. This kind of investigation has proven e, as described in a ter section of this chapter lingness to pay remains an appropriate measure of benefits and costs even when markets are not free. For example, people may be willing to pay more than the quoted price for fuel that is subject to price controls, or for imports that are restricted by quotas Similarly, if a resource such as labor or capital would otherwise be underused, willingness to pay may be less than the market price. Considerable literature exists on how to compute willingness to pay in such often, it can be done by valuing an affected resource al a shadow price rather than a market price the difference being estimated from an analysis of the market imperfection." A warning is in however, when considering underemployed labor portant to recognize that order, macroeconomic policies may offset anyjob-creating or b-destroying effects of the project being
evaluated because those policies are aimed at other goals such as price stability, foreign exchange
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