4.1.10 Income Growth Data

As real income increases, willingness-to-pay (WTP) to avoid air-pollution related morbidity

effects and premature mortality should grow. BenMAP allows users to adjust the WTP estimates

to account for the growth in income over time. This adjustment is a combination of data on

income growth and estimated income elasticity of demand, which measures the responsiveness of

the quantity demanded of a good to the change in the income of the people demanding the good;

this is distinct from elasticity of demand, which quantifies the change in demand for goods and

services as a result of changes in price for those goods and services. This section describes how

to load the data adjusting for income growth and how EPA developed these adjustment factors.

Loading Data

BenMAP User's Manual 110 October 2012

Note that the WTP estimates in the default valuation functions in the U.S. setup are assumed to

be based on 1990 income, so the income growth adjustments are all relative to 1990. That is,

the income growth data has a value of 1 in 1990, and because income has generally increased

over time in the U.S., the income growth values are typically greater than 1 after 1990. (An

exception is 1991, when incomes declined slightly in the U.S.)

 

 

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