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Time vs money metrics for contingent valuation surveys: Theory and application to rural data

Author

Listed:
  • Kriström, Bengt

    (CERE - the Center for Environmental and Resource Economics)

  • Puzon, Klarizze Anne

    (CERE - the Center for Environmental and Resource Economics)

Abstract

This paper makes two contributions: we shed light on the value of two marine ecosystem from the point of view of those living in them and add to the growing literature on the links between the value of time and the value of non-priced goods. We show theoretically that WTP, for a small environmental improvement, in the money metric is approximately equal to the wage in the time metric. This theoretical prediction is supported empirically using a field survey on the valuation of mangrove and seagrass conservation in rural Philippines.

Suggested Citation

  • Kriström, Bengt & Puzon, Klarizze Anne, 2021. "Time vs money metrics for contingent valuation surveys: Theory and application to rural data," CERE Working Papers 2021:16, CERE - the Center for Environmental and Resource Economics.
    • Handle: RePEc:hhs:slucer:2021_016
    DOI: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3982387
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    More about this item

    Keywords

    time metrics; money metrics; contingent valuation;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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