The purpose of this paper is to: (i) refine the proposition of both transfer theorists and existence theorists in terms of the concept of the basis of the benefit valuation; (ii) build the general market equilibrium model in which the theory of transfer & theory of existence can be formulated; (iii) analyse the properties of this model; (iv) apply it to the benefit valuation of the highway improvement in a two-region-economy to verify the theory of transfer and theory of existence; and (v) analyse several numerical results of this verification.
