Marginal rate of substitution of multidimensional well-being for affected residents of the dam, Pak Mun Dam.
Keywords:Marginal rate of substitution, multidimensional, well-being, Pak Mun Dam, water management, Thailand
The marginal rate of substitution shows that negatively affected residents of Pak Mun Dam are willing to trade three units of economic well-being to gain one more unit of social well-being. Marginal rate of substitution (MRS) provides important information to the government regarding such trade-offs. Given the limited budget and resources, the optimal point of the combination of these dimensions of well-being should be determined in order to provide better strategy and policy to improve the conditions for residents affected by the dam’s construction. Structural Equation Model (SEM) was used to find a standardized estimate of each dimension and used it for MRS calculation.
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