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The Life Satisfaction Approach to Environmental Valuation

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Author Info
Frey, Bruno S. () (University of Zurich)
Luechinger, Simon () (ETH Zurich)
Stutzer, Alois () (University of Basel)

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Abstract

In many countries environmental policies and regulations are implemented to improve environmental quality and thus individuals' well-being. However, how do individuals value the environment? In this paper, we review the Life Satisfaction Approach (LSA) representing a new non-market valuation technique. The LSA builds on the recent development of subjective well-being research in economics and takes measures of reported life satisfaction as an empirical approximation to individual welfare. Micro-econometric life satisfaction functions are estimated taking into account environmental conditions along with income and other covariates. The estimated coefficients for the environmental good and income can then be used to calculate the implicit willingness-to-pay for the environmental good.

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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4478.

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Length: 31 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:iza:izadps:dp4478

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Related research
Keywords: life satisfaction approach; subjective well-being; non-market valuation; cost-benefit analysis; air pollution;

Find related papers by JEL classification:
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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This page was last updated on 2009-11-23.

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