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On a New Approach to Social Evaluations of Environmental Projects

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  • Johansson, Per-Olov

    ()
    (Stockholm School of Economics and CERE)

  • Kriström, Bengt

    ()
    (CERE)

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    Abstract

    Conventional cost-benefit rules typically assume that the alternative to the project under evaluation is “doing nothing” or “business as usual”. In this note we contrast this approach to one where the alternative is to provide another environmental good or service. We show that this approach, which draw on methods like Habitat Equivalency Analysis and Resource Equivalency Analysis, imply that all cost and benefit items can be estimated using market prices. This is in sharp contrast to the conventional approach which typically require the use of controversial stated preference techniques to estimate the willingness to pay for non-market goods.

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    File URL: http://www-sekon.slu.se/~gbost/CERE_WP2012-4.pdf
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    Bibliographic Info

    Paper provided by CERE - the Center for Environmental and Resource Economics in its series CERE Working Papers with number 2012:4.

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    Length: 10 pages
    Date of creation: 03 Feb 2012
    Date of revision:
    Handle: RePEc:hhs:slucer:2012_004

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    Web page: http://www.cere.se

    Related research

    Keywords: Cost-benefit analysis; habitat equivalency analysis; non-market goods; resource equivalency analysis; stated preference methods;

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    References

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    1. Johansson,Per-Olov, 1993. "Cost-Benefit Analysis of Environmental Change," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521447928.
    2. Dunford, Richard W. & Ginn, Thomas C. & Desvousges, William H., 2004. "The use of habitat equivalency analysis in natural resource damage assessments," Ecological Economics, Elsevier, Elsevier, vol. 48(1), pages 49-70, January.
    3. Nicholas E. Flores & Jennifer Thacher, 2002. "Money, Who Needs It? Natural Resource Damage Assessment," Contemporary Economic Policy, Western Economic Association International, vol. 20(2), pages 171-178, 04.
    4. Myles,Gareth D., 1995. "Public Economics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521497695.
    5. Cummings, Ronald G, et al, 1997. "Are Hypothetical Referenda Incentive Compatible?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(3), pages 609-21, June.
    6. Unsworth, Robert E. & Bishop, Richard C., 1994. "Assessing natural resource damages using environmental annuities," Ecological Economics, Elsevier, Elsevier, vol. 11(1), pages 35-41, September.
    7. Zafonte, Matthew & Hampton, Steve, 2007. "Exploring welfare implications of resource equivalency analysis in natural resource damage assessments," Ecological Economics, Elsevier, Elsevier, vol. 61(1), pages 134-145, February.
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