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Kerry Smith

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Professor Emeritus

W. P. Carey Professor of Economics; Affiliated faculty - School of Geographical Sciences


Ph.D. Rutgers University 1970; A.B. Rutgers University 1966

Research Areas

General: environmental economics public economics applied econometrics; Specific topics: economic valuation of environmental amenities; sorting models and general equilibrium policy analysis; evaluation of individual behavior under uncertainty

Recent Consulting

Stratus Consulting-Natural Resource damage case; Industrial Economics Inc-valuation of time for assessing delay costs with homeland security regulations; Environmental Protection Agency; RTI International

Current Projects:

Economics of complementary private and public mitigation for homeland security; economic valuation of benefits of air quality improvements for sensitive groups - children and the elderly; designing sustainable prices structures for residential uses of water; general equilibrium welfare measurement with non-separable externalities; integrating benefit measures for benefit transfer and policy evaluation; valuing policies to reduce effects of urbanization on local heat islands

Academic Positions Held

Arizona State University: 2006-present. Previous appointments: North Carolina State University 1999-2006 and 1987-1994 University Distinguished Professor; 1999-2006 Director Center for Environmental and Resource Economic Policy; Duke University 1994-1999 Arts and Sciences Professor Of Environmental Economics; Vanderbilt University 1983-1987 Centennial Professor of Economics; University of North Carolina Chapel Hill 1979-1983 Professor of Economics; Resources for the Future 1976-1979 Senior Fellow; 1969 -1976 held appointments at Bowling Green State University Resources for the Future and State University of New York at Binghamton.

Other Positions

University Fellow Resources for the Future; Research Associate National Bureau of Economic Research

Career and Recent Professional Awards; Teaching AwardsMember National Academy of Sciences; Fellow American Agricultural Economics Association; Fellow Association of Environmental and Resource Economists; John Simon Guggenheim Foundation Fellow; Waugh Medal and Lecture AAEA

Professional Leadership

Editorial Boards: Journal of Environmental Economics and Management Land Economics Resource and Energy Economics Environment and Development Economics; Associate Editor Journal of Risk and Uncertainty; Board of Advisors American National Election Survey

Corporate and Public Sector Leadership

Member Committee on Valuing Protection of Ecological Systems and Services Science Advisory Board U.S. Environmental Protection Agency; Member Clean Air Act Compliance Committee Science Advisory Board U.S. Environmental Protection Agency (service ended 2006); Member Executive Committee Science Advisory Board U.S. Environmental protection Agency (service initiated 2007); Advisory Committee on Sustainability Policy APS 2006-present

Representative Publications

The Smoking Puzzle: Information Risk Perception and Choice (Cambridge MA: Harvard University Press 2003) (with F. Sloan and D.H. Taylor Jr.). (Japanese Edition by Tobacco Research Institute 2007)


Estimating the General Equilibrium Benefits of Large Changes in Spatially Delineated Public Goods International Economic Review November 2004 (with H. Sieg H.S. Banzhaf and R. Walsh). Reprinted in J. Herriges and C. Kling editors Environmental Economics and Policy (tentative title) (Hampshire U.K: Ashgate Publishing Co. forthcoming)


Do New Health Conditions Support Mortality-Air Pollution Effects? with M.F. Evans Journal of Environmental Economics and Management November 2005.


Adjusting to Natural Disasters with J.Carbone J.C. Pope D. Hallstrom and M. Darden Journal of Risk and Uncertainty vol. 33 no.1 2006. Reprinted in Harry Richardson Peter Gordon and James E. Moore II editors Post Katrina: Risk Assessment Economic Analysis and Social Implications (Cheltenham UK: Edward Elgar forthcoming)


Judging Quality Barbara Kanninen editor Valuing Environmental Amenities Using Choice Experiments: A Common Sense Guide to Theory and Practice (Springer 2007).


Quality Adjusted Prices and the Willig Condition with H.S. Banzhaf Economics Letters vol. 94 2007.


Improving the Practice of Benefits Transfer: A Preference Calibration Approach in St 229;le Navrud and Richard Ready editors Environmental Value Transfer: Issues and Method (Dordrecht The Netherlands: Kluwer Academic Publishers 2007) (with S.K. Pattanayak and G.L. Van Houtven).


Meta Analysis in Model Implementation: Choice Sets and the Valuation of Air Quality Improvements with H.S. Banzhaf Journal of Applied Econometrics forthcoming.


Evaluating Policy Interventions with General Equilibrium Externalities with J.C. Carbone Journal of Public Economics forthcoming.


Integrating Property Value and Local Recreation Models to Value Ecosystem Services in Urban Watersheds with Daniel Phaneuf Raymond Palmquist and Jaren Pope Land Economics forthcoming.

Research Activity