@article{4d1d6ec4f0864d63a6c937b09ae0a048,
title = "Can weak substitution be rehabilitated?",
abstract = "This paper develops a graphical analysis and an analytical model that demonstrate how weak substitution can be used for non-market valuation. Weak complementarity and weak substitution represent preference restrictions that allow us to develop equivalent price changes to describe quantity or quality changes in non-market goods. The price changes are Hicksian equivalents in that they yield the same utility changes as would the quantity or quality changes. After discussion of several potential applications of weak substitution, the paper develops the parallel between the restriction and recent strategies from modeling differentiated goods.",
keywords = "Non-market valuation, Revealed preference, Weak substitution",
author = "{Kerry Smith}, V. and Evans, {Mary F.} and {Spencer Banzhaf}, H. and Christine Poulos",
note = "Funding Information: Acknowledgments Smith{\textquoteright}s research was partially supported by the United States Department of Homeland Security through the Center for Risk and Economic Analysis of Terrorism Events (CREATE) under grant number 2007-ST-061-000001. However, any opinions, findings, and conclusions or recommendations in this document are those of the authors and do not necessarily reflect views of the United States Department of Homeland Security. The US Environmental Protection Agency (Grant# R8295081) also provided partial support. Evans{\textquoteright} and Poulos{\textquoteright} research was supported by the same US Environmental Protection Agency grant. Thanks are due Mark Agee, Ian Bateman, Dan Phaneuf, Will Wheeler, Rudy Santore, Laura Taylor, Bill Prov-encher, and two anonymous referees for constructive comments on earlier drafts. Susan Hinton, Alex Boutard, Kenny Pickle, Diana Burns, and Jon Valentine helped with several aspects of earlier drafts of this research.",
year = "2010",
month = feb,
doi = "10.1007/s10640-009-9312-6",
language = "English (US)",
volume = "45",
pages = "203--221",
journal = "Environmental and Resource Economics",
issn = "0924-6460",
publisher = "Springer Netherlands",
number = "2",
}