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1
Online Resource
Online Resource
Handbook of environmental economics : volume 2, Valuing environmental changes (2005)
Amsterdam : North-Holland/Elsevier
Details
UID:
gbv_1655660993
Format: Online Ressource (xxvi, 518-1103 pages) , illustrations.
Edition: Online-Ausg.
ISBN: 9780444511454 , 0444511458 , 9780080457499 , 0080457495
Series Statement: Handbooks in economics 20
Content: Much applied environmental economics is concerned with the valuation of changes in environmental quality. Obtaining reliable valuation estimates requires attention to theoretical and econometric issues that are often quite subtle. Volume 2 of the Handbook of Environmental Economics presents both the theory and the practice of environmental valuation. It synthesizes the vast literature that has accumulated since the publication of the Handbook of Natural Resource and Energy Economics two decades ago. It includes chapters on individual valuation methods written by researchers responsible for
Note: Includes bibliographical references and indexes. - Print version record , front cover; copyright; front matter; Introduction to the Series; Contents of the Handbook; Dedication; Preface to the Handbook; table of contents; body; 12 Welfare Theory and Valuation; 13 Environment, Uncertainty, and Option Values; 14 Valuing the Environment as a Factor of Production; 15 Recreation Demand Models; 16 Property Value Models; 17 Contingent Valuation; 18 Cognitive Processes in Stated Preference Methods; 19 Experimental Methods and Valuation; 20 Quantifying and Valuing Environmental Health Risks; index; Author Index; Subject Index; back matter; Handbooks in Economics , Forthcoming Titles
Additional Edition: ISBN 0444500634
Additional Edition: ISBN 0080457495
Additional Edition: Erscheint auch als Druck-Ausgabe Handbook of environmental economics Amsterdam ; Boston : Elsevier, 2003-
Language: English
Keywords: Umwelt ; Bewertung ; Umweltökonomie ; Electronic books
URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
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    Author Index (2005)
    Details
    UID:
    gbv_1831636239
    ISBN: 9780444511454
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite I1-I21, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:I1-I21
    Language: English
    DOI: 10.1016/S1574-0099(05)02025-5
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  • 3
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    Chapter 12 Welfare Theory and Valuation (2005)
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    UID:
    gbv_1831636360
    ISBN: 9780444511454
    Content: Public policies that lead to a reduction in the emissions of air and water pollutants or the protection of sensitive ecosystems presumably increase the well-being of many members of society. Applied welfare economists are accustomed to measuring the welfare effects of policies that invoke price changes. If it is granted that the public good attributes of most dimensions of environmental quality preclude the development of well functioning markets for these service flows, how are the monetary values of changes in environmental quality to be measured? The past twenty to thirty years have seen the rapid development of the economic theory and techniques for measuring the demands for nonmarketed goods, and in this chapter we attempt to sketch out the major results. We review the basic concept of economic welfare and derive measures of welfare change for both changes in prices of market goods and changes in quantities and qualities of nonmarket goods. We then describe the principal economic techniques for estimating the benefits of environmental quality improvements when these improvements either directly affect individuals' well-being or indirectly affect individuals through constraints they face. Perhaps the major class of measurement methods is based on the observation that changes in environmental quality may cause individuals to alter purchases of goods and services that are complements or substitutes for environmental quality in their preference orderings. These revealed preference methods are the primary focus of this chapter. A second major approach to obtaining estimates of the benefits and costs of environmental changes, stated preference methods, are addressed in detail in later chapters. Our treatment of welfare effects places special emphasis on the connection between the underlying economic theory and practical empirical models.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 517-570, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:517-570
    Language: English
    DOI: 10.1016/S1574-0099(05)02012-7
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  • 4
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    Chapter 13 Environment, Uncertainty, and Option Values (2005)
    Details
    UID:
    gbv_1831636352
    ISBN: 9780444511454
    Content: We analyze in this chapter decision-making when costs and benefits of an action are uncertain, that is, when future preferences are uncertain. We begin, in Section 2, with the classical analysis by Krutilla et al. (1972) of whether the expected consumer's surplus is a correct measure of the net benefits from the action. It turns out that for one individual, the correct measure is the expected consumer's surplus corrected with one term representing the covariance between the state-contingent consumer's surplus and the state-contingent marginal utility of wealth and a second term representing risk aversion. This corrected measure is what Krutilla et al. (1972) called the option value. Thus the difference between option value and expected consumer's surplus is determined by the covariance between preferences and consumer's surplus and risk aversion. The sign of this difference will therefore depend on these factors. We apply this result to a number of cases in order to derive additional useful results. First we look at the aggregate (over a set of individuals) option value and establish a general result. We then apply this result to the allocation of risk in the context of both public and private goods. In Section 3, we introduce relevant dynamic elements to the general problem of decisions under uncertainty. We analyze actions that may have irreversible effects, but where the decision-maker can improve her information about the true future preferences. This problem was first studied by Arrow and Fisher (1974) and Henry (1974), who showed (as we do in Section 3.2) that when the decision-maker has to choose between two actions, of which one is irreversible, and future benefits are uncertain in the first time period, maximizing expected value will result in a biased result: the irreversible action will be chosen too often. However, this result is based on assumptions of linearity. In order to study the problem without this restriction, we rely on Epstein's (1980) framework, which we present in some detail. The result is that convexity (concavity) assumptions are essential to establish the direction of the bias. We also use Epstein's framework to look at issues such as uncertainty about cost of restoration and uncertainty about irreversibility. All of the results to this point are for models with just two time periods. In Section 4, we analyze the many-period case, adopting a somewhat different analytical framework: stochastic dynamic programming, as presented in Dixit and Pindyck (1994). Additional results in continuous time are developed, drawing on the theory of stochastic processes. We look in particular at the optimal stopping problem, a useful and important special case, and present an empirical application due to Conrad (1997): when, if ever, to cut an old-growth forest that also yields benefits in its natural state.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 571-620, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:571-620
    Language: English
    DOI: 10.1016/S1574-0099(05)02013-9
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
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    Chapter 14 Valuing the Environment as a Factor of Production (2005)
    Details
    UID:
    gbv_1831636344
    ISBN: 9780444511454
    Content: This chapter explores the theory and practice of measuring the economic costs and benefits of environmental changes that influence production, both in the context of firms and of households. The theory uses models of household and firm decision making to map the influence of environmental changes to changes in human welfare. The goal is to measure, by compensating or equivalent changes in incomes, the welfare effects on people, in their roles as owners of firms, owners of factors of production, and consumers. The developing country context is most common for valuing the environment as an input, because agriculture and natural resource extraction are so much more important than in industrialized countries. When households or firms produce goods for sale on the market, and the environment influences the costs of production, we show the circumstances when one can use information embodied in the supply curve of the marketed good or the demand curve for an input into the production of the good to extract welfare measures for environmental change. When the environment affects the cost of production of goods households produce and consume, we show the restrictions on production technology that will permit welfare measure for changes in the environment. We also look at circumstances that permit the calculations of bounds for the exact welfare measures. We explore welfare measurement under a variety of institutional structures, including government support for agricultural commodities and open-access fisheries. Exact welfare measurement makes extensive demands for data. Because these demands are not often met in practice, researchers resort to a variety of approximations of welfare measures. We assess these approximations, comparing them with the more exact measures.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 621-669, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:621-669
    Language: English
    DOI: 10.1016/S1574-0099(05)02014-0
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  • 6
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    Chapter 15 Recreation Demand Models (2005)
    Details
    UID:
    gbv_1831636336
    ISBN: 9780444511454
    Content: Travel cost recreation demand models stem from a simple, but penetrating, insight. Consumption of an outdoor recreation site's services requires the user to incur the costs of a trip to that site. Travel costs serve as implicit prices. These costs reflect both people's distances from recreation sites visited and their specific opportunity costs of time. Today, economic analyses of recreation choices are among the most advanced examples of microeconometric modeling of consumer behavior in economics. The primary focus of this chapter is on the methods used to describe individuals' recreation choices. We are interested in the economic assumptions made in descriptions of behavior and measures of the economic value of amenities. Before developing this summary, in Section 2 we discuss how outdoor recreation fits within consumers' overall expenditures. Section 3 describes how we might ideally like to estimate consumers' preferences for recreation resources and the compromises implied by the models currently being used. Econometric details are deferred until Section 5, after a discussion of the features of recreation data in Section 4. In Section 6 we turn to conceptual issues in welfare measurement. We close in Section 7 with a discussion of a few research opportunities that seem especially important for the future.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 671-761, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:671-761
    Language: English
    DOI: 10.1016/S1574-0099(05)02015-2
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
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    Chapter 16 Property Value Models (2005)
    Details
    UID:
    gbv_1831636328
    ISBN: 9780444511454
    Content: One of the only places where environmental quality is traded on explicit markets is real estate. There are several techniques that can be used to study the effects of environmental quality on property values and infer willingness to pay for improvements. The most commonly used method is the hedonic model. In environmental economics the hedonic model has mainly been applied to the prices of real property and to wages. It assumes that there is a schedule of prices for the differentiated product (i.e., houses) that can be estimated. An alternative set of models postulates that consumers' choices are discrete between houses rather than continuous in characteristics as in the hedonic model. Discrete choice models are applied to estimate consumer preferences. Recently a model has been developed that mixes discrete and continuous decisions and emphasizes the locational equilibrium. This chapter reviews these techniques, with an emphasis on methodological issues and recent developments. Section 2 describes the theoretical models that underlie these techniques. The theoretical hedonic model is developed first, and then the theoretical modifications that are necessary for the discrete choice models are described. The main models are developed for residential properties, but differentiated factors of production are discussed briefly. Section 3 is devoted to the empirical issues involved in estimating a hedonic price schedule. This is the most common type of estimation in property value models. Section 4 discusses the empirical application of the second stage of the hedonic model, the estimation of the underlying preferences. Section 5 covers the two types of discrete choice models that are used in environmental economics, random utility models and random bidding models. Section 6 briefly discusses the new locational equilibrium models, and the final section is devoted to conclusions and directions for further research.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 763-819, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:763-819
    Language: English
    DOI: 10.1016/S1574-0099(05)02016-4
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
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    Chapter 17 Contingent Valuation (2005)
    Details
    UID:
    gbv_183163631X
    ISBN: 9780444511454
    Content: Value estimates for environmental goods can be obtained by either estimating preference parameters as revealed through behavior related to some aspect of the amenity or using stated information concerning preferences for the good. In the environmental economics literature the stated preference approach has come to be known as contingent valuation as the valuation estimated obtained from preference information given the respondent is said to be contingent on the details of the constructed market for the environmental good put forth in the survey. Work on contingent valuation now typically comprises the largest single group of papers at major environmental economics conferences and in several of the leading journals in the field. As such, it is impossible to review the literature per se or even cover all of the major papers in the area in some detail. Instead, in this chapter we seek to provide a coherent overview of the main issues and how they fit together. The organization of the chapter is as follows. First, we provide an overview of the history of contingent valuation starting with its antecedents and foundational papers and then trace its subsequent development using several broad themes. Second, we put forth the theoretical foundations of contingent valuation with particular emphasis on ties to standard measures of economic welfare. Third, we look at the issue of existence/passive use considerations. Fourth, we consider the relationship of contingent valuation to information on preferences that can be obtained by observing revealed behavior and how the two sources of information might be combined. Fifth, we look at different ways in which preference information can be elicited in a CV survey, paying particular attention to the incentive structure posed by different elicitation formats. Sixth, we turn to econometric issues associated with these different elicitation formats. Seventh, we briefly consider survey design issues. Eighth, we look at issues related to survey administration and extrapolating the results obtained to the population of interest. Ninth, we describe the major controversies related to the use of contingent valuation and summarize the evidence. Finally, we provide some thoughts on where we think contingent valuation is headed in the future.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 821-936, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:821-936
    Language: English
    DOI: 10.1016/S1574-0099(05)02017-6
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  • 9
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    Chapter 18 Cognitive Processes in Stated Preference Methods (2005)
    Details
    UID:
    gbv_1831636301
    ISBN: 9780444511454
    Content: Cognitive psychology is best known, to many environmental economists, through the filter of acrimonious debates over the validity of contingent valuation methods (CVM). Psychologists' views on CVM reflect concerns that are deeply rooted in their profession's history and theories. Although psychologists have participated in some CVM studies, their roles have rarely allowed them to present a comprehensive design philosophy, illustrated in actual studies. This chapter sets psychologists' critiques and alternatives within a general cognitive perspective on value elicitation, including stated preferences for environmental goods. It begins with a historical review, organized around two converging streams of psychological research. One stream leads from psychophysics to attitude research. The second leads from decision theory to decision analysis and behavioral decision research. The next section reports some environmental valuation studies arising from each tradition. These studies do not directly monetize environmental goods. However, they can still directly inform policies that do not require monetization and indirectly inform policies that do, by shaping studies with that ambition. The following section considers the role of cognitive studies in helping investigators to know what issues matter to people and present them comprehensibly. The concluding section of the chapter presents a cognitive approach to stated preference methods for environmental values one that could be developed most fully in collaboration with economists. It is built around a cognitive task analysis of the four main elements in any evaluation process: (a) specifying the valuation question, (b) understanding its terms, (c) articulating a value for that specific question (from more general basic values), and (d) expressing that value in a public form.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 937-968, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:937-968
    Language: English
    DOI: 10.1016/S1574-0099(05)02018-8
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  • 10
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    Chapter 19 Experimental Methods and Valuation (2005)
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    UID:
    gbv_1831636298
    ISBN: 9780444511454
    Content: This chapter explores how economists use experimental methods to understand better the behavioral underpinnings of environmental valuation. Economic experiments, in the lab or field, are an attractive tool to address intricate incentive and contextual questions that arise in assessing values through direct statements of preferences. By combining empirical observation with theoretical insight, researchers use the experimental method and mindset to help explain how economic and social contexts matter to valuation. Herein we consider three themes in applying the experimental method to valuation rational choice theory and stated values, direct value elicitation in the field and lab, and testbedding survey designs prior to field application. First, experimental tests of rational valuation are discussed. This lab work examines whether respondents make choices and state values in a manner consistent with standard rational choice theory. The circumstances of rational valuation are illustrated by the malleability of two classic anomalies the WTPWTA divergence and the preference reversal phenomenon. Second, direct experimental methods to measure actual values for public and private goods are examined. These experiments ask people to buy and sell actual goods to elicit real values, in which researchers test how alternative exchange institutions affect these values. Third, we survey testbed experiments designed to identify potential incentive problems caused by hypothetical valuation questions. Four topics are discussed: testing for hypothetical bias, calibrating real and hypothetical values, examining surrogate values (or scoping) for specific environmental preferences, and evaluating the incentive (in)compatibility of alternative elicitation mechanisms.
    In: Handbook of environmental economics, Amsterdam : North-Holland/Elsevier, 2005, (2005), Seite 969-1027, 9780444511454
    In: 0444511458
    In: 9780080457499
    In: 0080457495
    In: year:2005
    In: pages:969-1027
    Language: English
    DOI: 10.1016/S1574-0099(05)02019-X
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