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Meta-Functional Benefit Transfer for Wetland Valuation: Making the Most of Small Samples

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  • Klaus Moeltner

    ()

  • Richard Woodward

Abstract

This study applies functional Benefit Transfer via Meta-Regression Modeling to derive valuation estimates for wetlands in an actual policy setting of proposed groundwater transfers in Eastern Nevada. We illustrate how Bayesian estimation techniques can be used to overcome small sample problems notoriously present in Meta-functional Benefit Transfer. The highlights of our methodology are (i) The hierarchical modeling of heteroskedasticity, (ii) The ability to incorporate additional information via refined priors, and (ii) The derivation of measures of model performance with the corresponding option of model-averaged Benefit Transfer predictions. Our results indicate that economic losses associated with the disappearance of these wetlands can be substantial and that primary valuation studies are warranted.

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File URL: http://hdl.handle.net/10.1007/s10640-008-9205-0
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Article provided by Springer & European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 42 (2009)
Issue (Month): 1 (January)
Pages: 89-108

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Handle: RePEc:kap:enreec:v:42:y:2009:i:1:p:89-108
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Keywords: Bayesian Model Averaging; t-Error regression model; Meta-analysis; Benefit Transfer; Wetland valuation; C11; C15; Q51;

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Find related papers by JEL classification:
  • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
  • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
  • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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  1. Woodward, Richard T. & Wui, Yong-Suhk, 2001. "The economic value of wetland services: a meta-analysis," Ecological Economics, Elsevier, vol. 37(2), pages 257-270, May.
  2. 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, 02.
  3. Rosenberger, Randall S. & Loomis, John B., 2000. "Panel Stratification in Meta-Analysis of Economic Studies: An Investigation of Its Effects in the Recreation Valuation Literature," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 32(03), pages 459-470, December.
  4. Rosenberger, Randall S. & Loomis, John B., 2000. "Panel Stratification In Meta-Analysis Of Economic Studies: An Investigation Of Its Effects In The Recreation Valuation Literature," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(03), December.
  5. Kirchhoff, Stefanie & Colby, Bonnie G. & LaFrance, Jeffrey T., 1997. "Evaluating the Performance of Benefit Transfer: An Empirical Inquiry," Journal of Environmental Economics and Management, Elsevier, vol. 33(1), pages 75-93, May.
  6. Blomquist, Glenn C. & Whitehead, John C., 1998. "Resource quality information and validity of willingness to pay in contingent valuation," Resource and Energy Economics, Elsevier, vol. 20(2), pages 179-196, June.
  7. V. Smith & Subhrendu Pattanayak, 2002. "Is Meta-Analysis a Noah's Ark for Non-Market Valuation?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 271-296, June.
  8. 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 715-19, November.
  9. Moeltner, Klaus & Boyle, Kevin J. & Paterson, Robert W., 2007. "Meta-analysis and benefit transfer for resource valuation-addressing classical challenges with Bayesian modeling," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 250-269, March.
  10. Welsh, Michael P. & Poe, Gregory L., 1998. "Elicitation Effects in Contingent Valuation: Comparisons to a Multiple Bounded Discrete Choice Approach," Journal of Environmental Economics and Management, Elsevier, vol. 36(2), pages 170-185, September.
  11. Chib S. & Jeliazkov I., 2001. "Marginal Likelihood From the Metropolis-Hastings Output," Journal of the American Statistical Association, American Statistical Association, vol. 96, pages 270-281, March.
  12. Roy Brouwer & Frank Spaninks, 1999. "The Validity of Environmental Benefits Transfer: Further Empirical Testing," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(1), pages 95-117, July.
  13. Iovanna, Richard & Griffiths, Charles, 2006. "Clean water, ecological benefits, and benefits transfer: A work in progress at the U.S. EPA," Ecological Economics, Elsevier, vol. 60(2), pages 473-482, December.
  14. Klaus Moeltner & Randall S. Rosenberger, 2007. "Meta-Regression and Benefit Transfer: Data Space, Model Space, and the Quest for ‘Optimal Scope’," Working Papers 07-011, University of Nevada, Reno, Department of Economics;University of Nevada, Reno , Department of Resource Economics.
  15. Poor, P. Joan, 1999. "The Value Of Additional Central Flyway Wetlands: The Case Of Nebraska'S Rainwater Basin Wetlands," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 24(01), July.
  16. C. J. Leon & F. J. Vazquez-Polo & N. Guerra & P. Riera, 2002. "A Bayesian model for benefit transfer: application to national parks in Spain," Applied Economics, Taylor & Francis Journals, vol. 34(6), pages 749-757.
  17. Smith, V. Kerry & Pattanayak, Subhrendu K. & Van Houtven, George L., 2006. "Structural benefit transfer: An example using VSL estimates," Ecological Economics, Elsevier, vol. 60(2), pages 361-371, December.
  18. Richard Ready & Ståle Navrud & Brett Day & Richard Dubourg & Fernando Machado & Susana Mourato & Frank Spanninks & Maria Rodriquez, 2004. "Benefit Transfer in Europe: How Reliable Are Transfers between Countries?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 29(1), pages 67-82, September.
  19. Robert J. Johnston & Elena Y. Besedin & Richard Iovanna & Christopher J. Miller & Ryan F. Wardwell & Matthew H. Ranson, 2005. "Systematic Variation in Willingness to Pay for Aquatic Resource Improvements and Implications for Benefit Transfer: A Meta-Analysis," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 53(2-3), pages 221-248, 06.
  20. James Murphy & P. Allen & Thomas Stevens & Darryl Weatherhead, 2005. "A Meta-analysis of Hypothetical Bias in Stated Preference Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 30(3), pages 313-325, 03.
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Cited by:

  1. Randall, Alan & Chen, Ding-Rong, 2011. "A Better Approach to Resolving Variable Selection Uncertainty in Meta Analysis for Benefits Transfer," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114788, European Association of Agricultural Economists.
  2. Jan Babecky & Tomas Havranek, 2013. "Structural Reforms and Economic Growth: A Meta-Analysis," Working Papers 2013/08, Czech National Bank, Research Department.
  3. Tomas Havranek & Zuzana Irsova, 2011. "Determinants of Horizontal Spillovers from FDI: Evidence from a Large Meta-Analysis," Working Papers 2011/07, Czech National Bank, Research Department.
  4. Boyd, James & Banzhaf, H. Spencer, 2005. "The Architecture and Measurement of an Ecosystem Services Index," Discussion Papers dp-05-22, Resources For the Future.
  5. Havranek, Tomas & Horvath, Roman & Irsova, Zuzana & Rusnak, Marek, 2015. "Cross-country heterogeneity in intertemporal substitution," Journal of International Economics, Elsevier, vol. 96(1), pages 100-118.
  6. Thijs Dekker & Roy Brouwer & Marjan Hofkes & Klaus Moeltner, 2011. "The Effect of Risk Context on the Value of a Statistical Life: a Bayesian Meta-model," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(4), pages 597-624, August.
  7. Tomas Havranek & Diana Zigraiova, 2015. "Bank Competition and Financial Stability: Much Ado About Nothing?," Working Papers IES 2015/07, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2015.
  8. Jan Babecky & Tomas Havranek, 2013. "Structural Reforms and Growth in Transition: A Meta-Analysis," William Davidson Institute Working Papers Series wp1057, William Davidson Institute at the University of Michigan.
  9. Allison Davis & Klaus Moeltner, 2009. "Valuing the Prevention of an Infestation: The Threat of the New Zealand Mud Snail in Northern Nevada," Working Papers 09-001, University of Nevada, Reno, Department of Economics;University of Nevada, Reno , Department of Resource Economics.
  10. Patton, Douglas & Bergstrom, John C. & Moore, Rebecca & Covich, Alan, 2013. "Correspondence And Efficiency In Forecasts Of Ecosystem Service Benefits," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150559, Agricultural and Applied Economics Association.
  11. Tomáš Havránek & Zuzana Iršová, 2011. "How to Stir Up FDI Spillovers: Evidence from a Large Meta-Analysis," Working Papers IES 2011/34, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2011.
  12. Crespo Cuaresma, Jesús & Fidrmuc, Jarko & Hake, Mariya, 2014. "Demand and supply drivers of foreign currency loans in CEECs: A meta-analysis," Economic Systems, Elsevier, vol. 38(1), pages 26-42.
  13. Kevin Boyle & Christopher Parmeter & Brent Boehlert & Robert Paterson, 2013. "Due Diligence in Meta-analyses to Support Benefit Transfers," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 55(3), pages 357-386, July.
  14. Ahtiainen, Heini & Vanhatalo, Jarno, 2012. "The value of reducing eutrophication in European marine areas — A Bayesian meta-analysis," Ecological Economics, Elsevier, vol. 83(C), pages 1-10.
  15. Jan Babecky & Tomas Havranek, 2014. "Structural reforms and growth in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 22(1), pages 13-42, 01.

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