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The Empirics of Wetland Valuation: A Comprehensive Summary and a Meta-Analysis of the Literature

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  • Luke Brander

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  • Raymond Florax
  • Jan Vermaat

Abstract

Wetlands are highly productive ecosystems, providing a number of goods and services that are of value to people. The open-access nature and the public-good characteristics of wetlands often result in these regions being undervalued in decisions relating to their use and conservation. There is now a substantial literature on wetland valuation, including two meta-analyses that examine subsets of the available wetland valuation literature. We collected over 190 wetland valuation studies, providing 215 value observations, in order to present a more comprehensive meta-analysis of the valuation literature that includes tropical wetlands (e.g., mangroves), estimates from diverse valuation methodologies, and a broader range of wetland services (e.g., biodiversity value). We also aim for a more comprehensive geographical coverage. We find that socio-economic variables, such as income and population density, that are often omitted from such analyses are important in explaining wetland value. We also assess the prospects for using this analysis for out-of-sample value transfer, and find average transfer errors of 74%, with just under one-fifth of the transfers showing errors of 10% or less. Copyright Springer 2006

Suggested Citation

  • Luke Brander & Raymond Florax & Jan Vermaat, 2006. "The Empirics of Wetland Valuation: A Comprehensive Summary and a Meta-Analysis of the Literature," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(2), pages 223-250, February.
  • Handle: RePEc:kap:enreec:v:33:y:2006:i:2:p:223-250
    DOI: 10.1007/s10640-005-3104-4
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    File URL: http://hdl.handle.net/10.1007/s10640-005-3104-4
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    References listed on IDEAS

    as
    1. Lupi, Frank & Graham-Tomasi, Theodore & Taff, Steven J., 1991. "A Hedonic Approach To Urban Wetland Valuation," Staff Papers 13284, University of Minnesota, Department of Applied Economics.
    2. Timothy C. Haab & Kenneth E. McConnell, "undated". "A Simple Method for Bounding Willingness to Pay Using a Probit or Logit Model," Working Papers 9713, East Carolina University, Department of Economics.
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    More about this item

    Keywords

    meta-analysis; valuation; value transfer; wetlands; C53; D62; H23; Q20; Q25;

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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