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Abstract

Changing social objectives and a greater variety of policy instruments require extra detail and fuller specification in analyses of land policies. Consumer's surplus remains an appropriate measure of net social benefit but surplus values must be estimated more carefully. The paper examines the application of four surplus concepts to policy problems and illustrates a methodology to estimate all four. The estimates for the different concepts can differ widely and the correct concepts have not always been advocated. The methodology appears useful where other estimation procedures have failed.

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