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A Simulating Annealing Approach to Non-Market Environmental Benefit Aggregation

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Author Info

  • Stephen Hynes
  • Nick Hanley
  • Cathal O'Donoghue

    (Department of Economics, National University of Ireland, Galway)

Abstract

This paper considers the use of a “combinatorial optimization” technique in the aggregation of environmental benefit values. Combinatorial optimization is used to statistically match population census data to a Contingent Valuation survey. The matched survey and census information is then used to produce regional and national total WTP figures. These figures are then compared to figures derived using more standard approaches to calculating aggregate environment benefit values. The choice of aggregation approach is shown to have a major impact upon estimates of total benefits at a regional level, especially when the target population displays considerable heterogeneity across space.

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Bibliographic Info

Paper provided by National University of Ireland Galway, Department of Economics in its series Working Papers with number 0166.

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Length: 35 pages
Date of creation: 2010
Date of revision: 2010
Handle: RePEc:nig:wpaper:0166

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Related research

Keywords: Combinational Optimization; contingent valuation; spatial microsimulation; non-market benefit aggregation Algorithmic Trading; MACD;

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