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An econometric analysis of willingness-to-pay for sustainable development: A case study of the Volcji Potok landscape area

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Author Info

  • Verbic, Miroslav
  • Slabe-Erker, Renata

Abstract

When the market for a certain good is competitive enough, economic activities can be studied by the market pricing mechanism. Because this is usually not feasible in case of environmental goods with embodied natural and cultural heritage, particular methods for economic valuation of such goods have to be applied. The present article represents the economic valuation of the Landscape Development and Protection Area of Volcji Potok, which is an important Slovenian cultural landscape area with internationally recognized qualities. For this purpose we combined classical contingent valuation with a closed-version of discrete choice method, where the protest responses have been removed. By using econometric analysis we obtained the value of willingness-to-pay and established its determinants. We also made an attempt to control for different biases that arise in such analyses. At last, we used the adjusted average individual value of willingness-to-pay to calculate the aggregate willingness-to-pay. The present analysis represents one of the very few applications of the method to Central and Eastern European countries.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 68 (2009)
Issue (Month): 5 (March)
Pages: 1316-1328

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Handle: RePEc:eee:ecolec:v:68:y:2009:i:5:p:1316-1328

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Bivariate probit model Contingent valuation method Discrete choice method Embedding effects Starting point bias Willingness-to-pay;

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Cited by:
  1. Arcand, Jean-Louis & Mbaye, Linguère Mously, 2013. "Braving the Waves: The Role of Time and Risk Preferences in Illegal Migration from Senegal," IZA Discussion Papers 7517, Institute for the Study of Labor (IZA).
  2. Jacobsen, Jette Bredahl & Lundhede, Thomas Hedemark & Martinsen, Louise & Hasler, Berit & Thorsen, Bo Jellesmark, 2011. "Embedding effects in choice experiment valuations of environmental preservation projects," Ecological Economics, Elsevier, vol. 70(6), pages 1170-1177, April.
  3. Jean-Louis Arcand & Linguère Mously MBAYE, 2013. "Braving the waves: the role of time and risk preferences in illegal migration from Senegal," Working Papers halshs-00855937, HAL.

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