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Valuing local endangered species: The role of intra-species substitutes

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  • Loureiro, Maria L.
  • Ojea, Elena

Abstract

Valuation of endangered species is important in many circumstances, and particularly when assessing the impact of large accidental oil spills. Previous studies have tested the effects of including in the contingent valuation survey reminders about the existence of diverse substitutes (in terms of other natural resources also in danger of extinction in the same area, other programs to be valued, or alternative uses of money). We include a reminder about the existence of the same biological species not being under danger of extinction elsewhere. We believe this reminder allows individuals to make an easy assessment of the biological scarcity of the species they are supposed to value. Thus, the key difference with previous studies is that valuation of endangered species is combined with an assessment of preferences towards conservation of local and native species. Our WTP results are not sensitive to the information provided about other foreign substitutes. Implications of this finding are discussed.

Suggested Citation

  • Loureiro, Maria L. & Ojea, Elena, 2008. "Valuing local endangered species: The role of intra-species substitutes," Ecological Economics, Elsevier, vol. 68(1-2), pages 362-369, December.
  • Handle: RePEc:eee:ecolec:v:68:y:2008:i:1-2:p:362-369
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    References listed on IDEAS

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    1. Maria Loureiro & Justus Lotade, 2005. "Interviewer Effects on the Valuation of Goods with Ethical and Environmental Attributes," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 30(1), pages 49-72, January.
    2. Kristin Jakobsson & Andrew Dragun, 2001. "The Worth of a Possum: Valuing Species with the Contingent Valuation Method," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 19(3), pages 211-227, July.
    3. Ian H Langford & Mihalis S Skourtos & Areti Kontogianni & Rosemary J Day & Stavros Georgiou & Ian J Bateman, 2001. "Use and Nonuse Values for Conserving Endangered Species: The Case of the Mediterranean Monk Seal," Environment and Planning A, , vol. 33(12), pages 2219-2233, December.
    4. John Loomis & Armando Gonzalez-Caban & Robin Gregory, 1994. "Do Reminders of Substitutes and Budget Constraints Influence Contingent Valuation Estimates?," Land Economics, University of Wisconsin Press, vol. 70(4), pages 499-506.
    5. Catherine Chambers & John Whitehead, 2003. "A Contingent Valuation Estimate of the Benefits of Wolves in Minnesota," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(2), pages 249-267, October.
    6. Bandara, Ranjith & Tisdell, Clement A., 2004. "Changing Abundance of Elephants and Willingness to Pay for their Conservation," Economic Theory, Applications and Issues Working Papers 90538, University of Queensland, School of Economics.
    7. Atakelty Hailu & Wiktor Adamowicz & Peter Boxall, 2000. "Complements, Substitutes, Budget Constraints and Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 16(1), pages 51-68, May.
    8. Hoehn John P. & Loomis John B., 1993. "Substitution Effects in the Valuation of Multiple Environmental Programs," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 56-75, July.
    9. Neill Helen R., 1995. "The Context for Substitutes in CVM Studies: Some Empirical Observations," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 393-397, November.
    10. Erwin Bulte & G. van Kooten, 1999. "Marginal Valuation of Charismatic Species: Implications for Conservation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(1), pages 119-130, July.
    11. Giraud, Kelly & Turcin, Branka & Loomis, John & Cooper, Joseph, 2002. "Economic benefit of the protection program for the Steller sea lion," Marine Policy, Elsevier, vol. 26(6), pages 451-458, November.
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    Cited by:

    1. Ojea, Elena & Loureiro, Maria L., 2011. "Identifying the scope effect on a meta-analysis of biodiversity valuation studies," Resource and Energy Economics, Elsevier, vol. 33(3), pages 706-724, September.
    2. Jacobsen, Jette Bredahl & Lundhede, Thomas Hedemark & Martinsen, Louise & Hasler, Berit & Thorsen, Bo Jellesmark, 2011. "Embedding effects in choice experiment valuations of environmental preservation projects," Ecological Economics, Elsevier, vol. 70(6), pages 1170-1177, April.
    3. Farr, Marina & Stoeckl, Natalie & Alam Beg, Rabiul, 2014. "The non-consumptive (tourism) ‘value’ of marine species in the Northern section of the Great Barrier Reef," Marine Policy, Elsevier, vol. 43(C), pages 89-103.

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