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HappinessA Revolution in Economics$
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Bruno S. Frey

Print publication date: 2008

Print ISBN-13: 9780262062770

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262062770.001.0001

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The Value of Public Goods

The Value of Public Goods

Chapter:
(p.139) 12 The Value of Public Goods
Source:
Happiness
Author(s):

Bruno S. Frey

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262062770.003.0012

Various approaches have been developed to measure the value of public goods, including Stated Preference Methods, such as Contingent Valuation, and Revealed Preference Methods including the Hedonic Method, the Travel Cost Approach, and the Averting Behavior Method. This chapter focuses on the valuation of public goods and proposes the Life Satisfaction Approach (LSA) for measuring the tradeoff ratio between income and the public good. It illustrates the use of the LSA to examine the effects of terrorist activities on citizens’ well-being and life satisfaction. In particular, the LSA is used to estimate the utility losses associated with terrorism, or security defined as absence of terrorism, for France between 1973 and 1998.

Keywords:   public goods, terrorism, France, well-being, life satisfaction, Life Satisfaction Approach, income, Stated Preference Methods, Revealed Preference Methods

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