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Assessment of regeneration projects in urban areas of environmental interest: a stated choice approach to estimate use and quasi-option values

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  • Elisabetta Strazzera
  • Elisabetta Cherchi
  • Silvia Ferrini

Abstract

We adopt an attribute-based stated choice approach to evaluate public preferences over planning alternatives for an urban site of environmental interest. Since such projects involve some uncertainty and irreversibility, special attention is devoted to the estimation of quasi-option values associated with project development. Two distinct measures for the quasi-option value are estimated, and both coefficients indicate that the public place significant value on the reduction of the possibility of adverse irreversible effects: a more prudent development strategy is valued at about four times greater than a procedure that provides a greater chance of an undesired outcome. Furthermore, the study involves elicitation of intertemporal preferences over projects with different time spans, and estimation of the implicit discount rates: the values obtained seem high if compared with standard discount rates applied to public projects, but not far from interest rates on consumption found in the market.

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  • Elisabetta Strazzera & Elisabetta Cherchi & Silvia Ferrini, 2010. "Assessment of regeneration projects in urban areas of environmental interest: a stated choice approach to estimate use and quasi-option values," Environment and Planning A, Pion Ltd, London, vol. 42(2), pages 452-468, February.
  • Handle: RePEc:pio:envira:v:42:y:2010:i:2:p:452-468
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    Cited by:

    1. Strazzera, Elisabetta & Mura, Marina & Contu, Davide, 2012. "Combining choice experiments with psychometric scales to assess the social acceptability of wind energy projects: A latent class approach," Energy Policy, Elsevier, vol. 48(C), pages 334-347.
    2. Michela Faccioli & Nicholas Hanley & Catalina M. Torres Figuerola & Antoni Riera Font, 2015. "Do we care about sustainability? An analysis of time sensitivity of social preferences under environmental time-persistent effects," DEA Working Papers 71, Universitat de les Illes Balears, Departament d'Economía Aplicada.

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