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Elicitation of Expert Opinion in Benefit Transfer of Environmental Goods

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  • Carmelo León
  • Francisco Vázquez-Polo
  • Roberto González

Abstract

Benefit transfer is a method for estimating the value of environmental goods that involves the use of past information on identical or similar goods. This paper considers the extent to which benefit transfer can be based on prior distributions elicited from expert opinion. We propose two alternative methods to elicit the parameters of a prior distribution from experts on environmental valuation. An experiment is carried out on the value of National Parks in Spain. The results from the elicited distributions are compared with the information provided by onsite samples of visitors. The results indicate that individual experts made different predictions about the potential value of the policy areas that were diverse and unable to accurately predict the value for each policy site. However, the average across the elicited distributions approaches the estimated distribution with empirical data and accurately predicts the relative values for the two policy sites considered. Copyright Kluwer Academic Publishers 2003

Suggested Citation

  • Carmelo León & Francisco Vázquez-Polo & Roberto González, 2003. "Elicitation of Expert Opinion in Benefit Transfer of Environmental Goods," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(2), pages 199-210, October.
    • Handle: RePEc:kap:enreec:v:26:y:2003:i:2:p:199-210
    DOI: 10.1023/A:1026307420804
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    References listed on IDEAS

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    1. Cameron, Trudy Ann, 1988. "A new paradigm for valuing non-market goods using referendum data: Maximum likelihood estimation by censored logistic regression," Journal of Environmental Economics and Management, Elsevier, vol. 15(3), pages 355-379, September.
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    3. Michael Hanemann & John Loomis & Barbara Kanninen, 1991. "Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(4), pages 1255-1263.
    4. Krinsky, Itzhak & Robb, A Leslie, 1990. "On Approximating the Statistical Properties of Elasticities: A Correction," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 189-190, February.
    5. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-719, November.
    6. Umesh Gavasakar, 1988. "A Comparison of Two Elicitation Methods for a Prior Distribution for a Binomial Parameter," Management Science, INFORMS, vol. 34(6), pages 784-790, June.
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    1. Robert J. Johnston & Randall S. Rosenberger, 2010. "Methods, Trends And Controversies In Contemporary Benefit Transfer," Journal of Economic Surveys, Wiley Blackwell, vol. 24(3), pages 479-510, July.
    2. Martínez-Cruz, Adán L. & Juárez-Torres, Miriam & Guerrero, Santiago, 2017. "Assessing Impacts From Climate Change on Local Social-ecological Systems in Contexts Where Information is Lacking: An Expert Elicitation in the Bolivian Altiplano," Ecological Economics, Elsevier, vol. 137(C), pages 70-82.

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