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Economic Valuation, Values And Contingent Method: An Overview

Author

Listed:
  • Paulo Nunes

    (The Johns Hopkins University, Bologna, Italy)

  • Peter Nijkamp

    (Department of Spatial Economics, VU University Amsterdam, The Netherlands)

Abstract

In this paper the concept of total economic value of an environmental asset is introduced. The different valuation methods, putting a monetary value on environmental resources as a nonmarket good are also reviewed. Particular emphasis is placed on policy-making and the link of contingent valuation method to standard economic theory. Potential measurement bias attached to the contingent valuation estimates are also reviewed, addressed in terms of an efficient survey design and alternative microeconomic formulations.

Suggested Citation

  • Paulo Nunes & Peter Nijkamp, 2011. "Economic Valuation, Values And Contingent Method: An Overview," Regional Science Inquiry, Hellenic Association of Regional Scientists, vol. 0(1), pages 95-116, June.
    • Handle: RePEc:hrs:journl:v:iii:y:2011:i:1:p:95-116
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    File URL: http://www.rsijournal.eu/ARTICLES/Journal_june_2011/RSIJ_June_Issue_F.pdf
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    References listed on IDEAS

    as
    1. Trudy Ann Cameron, 1991. "Interval Estimates of Non-Market Resource Values from Referendum Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 67(4), pages 413-421.
    2. Bohm, Peter, 1972. "Estimating demand for public goods: An experiment," European Economic Review, Elsevier, vol. 3(2), pages 111-130.
    3. Andreoni, James, 1989. "Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1447-1458, December.
    4. Andreoni, James, 1990. "Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving?," Economic Journal, Royal Economic Society, vol. 100(401), pages 464-477, June.
    5. Cameron Trudy Ann & Quiggin John, 1994. "Estimation Using Contingent Valuation Data from a Dichotomous Choice with Follow-Up Questionnaire," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 218-234, November.
    6. Brookshire, David S. & Ives, Berry C. & Schulze, William D., 1976. "The valuation of aesthetic preferences," Journal of Environmental Economics and Management, Elsevier, vol. 3(4), pages 325-346, December.
    7. Peter Bohm, 1972. "Estimating the demand for public goods: An experiment," Framed Field Experiments 00126, The Field Experiments Website.
    8. Champ, Patricia A. & Bishop, Richard C. & Brown, Thomas C. & McCollum, Daniel W., 1997. "Using Donation Mechanisms to Value Nonuse Benefits from Public Goods," Journal of Environmental Economics and Management, Elsevier, vol. 33(2), pages 151-162, June.
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    Cited by:

    1. Lilia Rodríguez-Tapia & Daniel A. Revollo-Fernández & Jorge A. Morales-Novelo, 2017. "Household’s Perception of Water Quality and Willingness to Pay for Clean Water in Mexico City," Economies, MDPI, vol. 5(2), pages 1-14, April.
    2. Ramiro Flores Xolocotzi, 2014. "El valor económico del uso recreativo que presta el Parque Ambiental Bicentenario en Metepec Estado de México (México)," Economia y Sociedad., Universidad Michoacana de San Nicolas de Hidalgo, Facultad de Economia, issue 30, pages 15-31, Enero-Jun.
    3. Xaysompheng Sengkhamyong & Helmut Yabar & Takeshi Mizunoya, 2022. "Assessing Household Willingness to Pay for the Conservation of the Phou Chom Voy Protected Area in Lao PDR," Sustainability, MDPI, vol. 14(18), pages 1-20, September.

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    More about this item

    Keywords

    economic valuation; environmental resources; contingent valuation; economic theory;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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