This article uses the well-being valuation (WV) approach to estimate and monetize the well-being impacts of informal care provision on caregivers. Using nationally representative longitudinal data from the UK, the British Household Panel Survey, we address two challenging methodological issues related to the economic valuation of informal care: (i) the anticipatory nature of informal care; and (ii) the sensitivity of income estimates used in valuation. We address the anticipatory issue by focusing on well-being impacts associated with caring for a relative who had recently suffered a serious accident. We use the fixed effects filtered (FEF) estimator to estimate a “time-invariant income” coefficient free from individual fixed effects bias, which helps to partially improve the quality of the income estimate as an alternative to using instrumental variables. This estimate is used in the calculation of shadow prices of informal care. Our estimates suggest that, focusing on the first year of unanticipated care provision, those experiencing the well-being losses from providing unanticipated informal care would be willing to pay approximately £13,167 on average to avoid it.

This study evaluates the environmental performance of northeastern U.S. dairy operations that differ in size using a directional output-distance function that measures the joint production of milk and emissions while incorporating a four-way error approach that captures farm-size heterogeneity, transient and persistent technical efficiency, and random errors. For the emission component, a comprehensive pollution index is generated that incorporates three major sources of pollution in dairy farming: fuel, fertilizer, and livestock. Computed shadow prices and Morishima elasticities of substitution reveal that large dairy operations are environmentally inefficient compared to their smaller counterparts.