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The Worth of a Possum: Valuing Species with the Contingent Valuation Method

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  • Kristin Jakobsson
  • Andrew Dragun
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    Abstract

    The focus of this paper is on methods of assessing the value peopleplace on the conservation of species for use in policy making. Of principalinterest is the relatively new methodology of contingent valuation, whichis a method for asking people directly about their preferences. The paperpresents an application of the contingent valuation method to theconservation of an endangered species in the State of Victoria, Australia.The results emphasise the importance of careful survey design,implementation and analysis as well as the precise definition of theenvironmental good being valued. Consequently, the contingent valuationmethod does provide information relevant to decision making processesbased on monetary economic considerations. Thus, in orthodox economicterms it makes sense to conserve species – but there are other moral andethical grounds for conserving species as well. Copyright Kluwer Academic Publishers 2001

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    Bibliographic Info

    Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

    Volume (Year): 19 (2001)
    Issue (Month): 3 (July)
    Pages: 211-227

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    Handle: RePEc:kap:enreec:v:19:y:2001:i:3:p:211-227

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    Web page: http://www.springerlink.com/link.asp?id=100263

    Related research

    Keywords: biodiversity; individual preferences; policy making; species conservation;

    References

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    1. Daniel A. Haqen & James W. Vincent & Patrick G. Welle, 1992. "Benefits Of Preserving Old-Growth Forests And The Spotted Owl," Contemporary Economic Policy, Western Economic Association International, vol. 10(2), pages 13-26, 04.
    2. Bateman, Ian J. & Langford, Ian H. & Turner, R. Kerry & Willis, Ken G. & Garrod, Guy D., 1995. "Elicitation and truncation effects in contingent valuation studies," Ecological Economics, Elsevier, vol. 12(2), pages 161-179, February.
    3. John B. Loomis, 1987. "Expanding Contingent Value Sample Estimates to Aggregate Benefit Estimates: Current Practices and Proposed Solutions," Land Economics, University of Wisconsin Press, vol. 63(4), pages 396-402.
    4. Polasky Stephen & Solow Andrew R., 1995. "On the Value of a Collection of Species," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 298-303, November.
    5. Tisdell, Clem, 1990. "Economics and the debate about preservation of species, crop varieties and genetic diversity," Ecological Economics, Elsevier, vol. 2(1), pages 77-90, April.
    6. Bengt Kristrom, 1990. "A Non-Parametric Approach to the Estimation of Welfare Measures in Discrete Response Valuation Studies," Land Economics, University of Wisconsin Press, vol. 66(2), pages 135-139.
    7. Swanson, Timothy M, 1994. "The Economics of Extinction Revisited and Revised: A Generalised Framework for the Analysis of the Problems of Endangered Species and Biodiversity Losses," Oxford Economic Papers, Oxford University Press, vol. 46(0), pages 800-821, Supplemen.
    8. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
    9. Thomas H. Stevens & Jaime Echeverria & Ronald J. Glass & Tim Hager & Thomas A. More, 1991. "Measuring the Existence Value of Wildlife: What Do CVM Estimates Really Show?," Land Economics, University of Wisconsin Press, vol. 67(4), pages 390-400.
    10. Carson Richard T. & Mitchell Robert Cameron, 1995. "Sequencing and Nesting in Contingent Valuation Surveys," Journal of Environmental Economics and Management, Elsevier, vol. 28(2), pages 155-173, March.
    11. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
    12. Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January.
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