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Benefit Transfer via Preference Calibration: "Prudential Algebra" for Policy

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Author Info
V. Kerry Smith
George Van Houtven
Subhrendu K. Pattanayak

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Abstract

This paper proposes a new approach to benefit transfer. The method assumes a specific form for preferences and uses available benefit information to identify and calibrate the preference parameters to match the existing benefit estimates. This approach assures economic consistency of the transfers. Benefit measures can never be inconsistent with household income. The logic also offers a series of potentially observable ‘‘predictions’’ that can be used to gauge the plausibility of benefit transfers. When multiple benefit estimates from different methods are available such as hedonic property value, travel cost demand, and contingent valuation, the framework uses the definition of the benefit concept from each method in a single preference function to reconcile differences. It provides a specific way to take account of baseline conditions and scope effects (i.e., the size of the proposed change) consistently in the transfer. The method is illustrated using estimates for benefit measure changes in water quality from three studies: travel cost demand, hedonic property value, and contingent valuation analysis.Q26

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File URL: http://le.uwpress.org/cgi/reprint/78/1/132
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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 78 (2002)
Issue (Month): 1 ()
Pages: 132-152
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Handle: RePEc:uwp:landec:v:78:y:2002:i:1:p:132-152

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  1. Ryan Stapler & Robert Johnston, 2009. "Meta-Analysis, Benefit Transfer, and Methodological Covariates: Implications for Transfer Error," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(2), pages 227-246, February. [Downloadable!] (restricted)
  2. Smith, V. Kerry & Banzhaf, H. Spencer & Walsh, Randy, 2002. "General Equilibrium Benefit Transfers for Spatial Externalities: Revisiting EPA's Prospective Analysis," Discussion Papers dp-02-44, Resources For the Future. [Downloadable!]
  3. Ram Shrestha & John Loomis, 2003. "Meta-Analytic Benefit Transfer of Outdoor Recreation Economic Values: Testing Out-of-Sample Convergent Validity," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(1), pages 79-100, May. [Downloadable!] (restricted)
  4. V. Smith & Subhrendu Pattanayak, 2002. "Is Meta-Analysis a Noah's Ark for Non-Market Valuation?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 271-296, June. [Downloadable!] (restricted)
  5. Kukielka, Jessica B. & Johnston, Robert J. & Duke, Joshua M., 2008. "Systematic Variation in Willingness to Pay for Agricultural Land Preservation and Implications for Benefit Transfer: A Meta-Analysis," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6121, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Johnston, Robert J. & Duke, Joshua M. & Kukielka, Jessica G., 2008. "Optimizing Farmland Preservation Choices Across Communities and Jurisdictional Scales: To What Extent are Amenity Values and Selection Criteria Transferable?," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6243, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  7. Chris Dumas & Pete Schuhmann & John C. Whitehead, 2004. "Measuring the Economic Benefits of Water Quality Improvement with the Benefit Transfer Method: An Introduction for Non-Economists," Working Papers 04-12, Department of Economics, Appalachian State University. [Downloadable!]
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This page was last updated on 2009-11-22.

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