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Economic values of many goods and services are well approximated by their market prices. However, in the case of environmental services and utility services where networks limit important attributes--such as service reliability and quality--there are typically no existing markets and hence no prices available. The values of improvements or declines in these services or attributes are, nonetheless, often critical to project or policy decisions. Policy makers require these values to know whether the benefits of a policy change outweigh its costs, while water companies require these values to evaluate alternative schemes (e.g., resource development, leakage reduction, and demand management). Other utility companies have similar needs.
Economists have developed a range of techniques to estimate the values of improvements or declines to non-marketed services. These techniques involve either direct elicitation of preferences (e.g., contingent valuation and stated preference methods) or indirect derivation of values from revealed behavior in other markets (e.g., travel cost and hedonic price approaches). In some cases, specific values for a project or policy proposal also may be derived via the "benefits transfer" technique, which uses valuation results from elsewhere to lower the study costs, though often these will not be sufficiently robust.
NERA's experts have applied the full range of non-market economic value estimation techniques, including stated preference, revealed preference, and benefits transfer methodologies, to gain a deep understanding of the theory and practical application of cost benefit analysis within policy and regulatory contexts. Drawing on our strong econometric capabilities and on our extensive experience advising policy makers, industry bodies, regulators, utility companies, and NGOs, we provide the following services to clients:
Name | Title | Location | Phone | |
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Richard Druce | Senior Managing Director | London | +44 20 7659 8540 | richard.druce@nera.com |
Dr. Richard Hern | Senior Managing Director |
London
Berlin |
+44 20 7659 8582
+49 30 700 1506 01 |
richard.hern@nera.com |
Dr. Garrett Glasgow | Director | San Francisco | +1 415 291 1029 | garrett.glasgow@nera.com |
Dr. David Harrison Jr. | Affiliated Consultant | Boston | +1 617 927 4512 | david.harrison.affiliate@nera.com |
Title | Type | Author | ||
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Discrete Choice Methods with Simulation | Book | By Dr. Kenneth Train | ||
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Title | Date | |||
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Water UK Innovation Hub 2011 | 16 June 2011 | |||
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Title | Date | Type | ||
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NERA Economic Consulting Opens Office in Milan, Italy | 19 November 2019 | Press Release | ||
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