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Existence Values in Benefit-Cost Analysis and Damage Assessment

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  • Richard C. Bishop
  • Michael P. Welsh

Abstract

Existence values for obscure resources should not be ruled out a priori because consumers have limited time and resources for information gathering. Furthermore, to the extent that environmental "good things" are highly substitutable, existence values must be cautiously interpreted when evaluating public choice alternatives, but similar concerns do not arise in damage assessments. Issues associated with adding up existence values across resources, high per unit values, and property rights in the existence of resources are also addressed.

Suggested Citation

  • Richard C. Bishop & Michael P. Welsh, 1992. "Existence Values in Benefit-Cost Analysis and Damage Assessment," Land Economics, University of Wisconsin Press, vol. 68(4), pages 405-417.
  • Handle: RePEc:uwp:landec:v:68:y:1992:i:4:p:405-417
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    Cited by:

    1. Halkos, George, 2013. "The relationship between people’s attitude and willingness to pay for river conservation," MPRA Paper 50560, University Library of Munich, Germany.
    2. Tisdell, Clement A., 2003. "Influences of Knowledge of Wildlife Species on Patterns of Willingness to pay for their Conservation," Economics, Ecology and Environment Working Papers 48972, University of Queensland, School of Economics.
    3. Bateman, Ian J. & Cole, Matthew & Cooper, Philip & Georgiou, Stavros & Hadley, David & Poe, Gregory L., 2004. "On visible choice sets and scope sensitivity," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 71-93, January.
    4. Ferrara, Ida & Missios, Paul C., 1998. "Non-use values and the management of transboundary renewable resources," Ecological Economics, Elsevier, vol. 25(3), pages 281-289, June.
    5. Kosz, Michael, 1996. "Valuing riverside wetlands: the case of the "Donau-Auen" national park," Ecological Economics, Elsevier, vol. 16(2), pages 109-127, February.
    6. Catherine M. Chambers & Paul E. Chambers & John C. Whitehead, 1998. "Contingent Valuation of Quasi-Public Goods: Validity, Reliability, and Application To Valuing a Historic Site," Public Finance Review, , vol. 26(2), pages 137-154, March.
    7. Rollins, Kimberly & Lyke, Audrey, 1998. "The Case for Diminishing Marginal Existence Values," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 324-344, November.
    8. O'Brien, Phil & Morse, George W., 2006. "Minnesota Extension's Mixed Regional/County Model: Greater Impacts Follows Changes in Structure," Staff Papers 13614, University of Minnesota, Department of Applied Economics.
    9. Halkos, George & Matsiori, Steriani, 2012. "Determinants of willingness to pay for coastal zone quality improvement," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(4), pages 391-399.
    10. Tisdell, Clement A. & Wilson, Clevo, 2004. "Knowledge and Willingness to Pay for the Conservation of Wildlife Species: Experimental Results Evaluating Australian Tropical Species," Economics, Ecology and Environment Working Papers 51293, University of Queensland, School of Economics.
    11. Poe, Gregory L. & Bishop, Richard C., 1992. "Prior Information, General Information, and Specific Information in the Contingent Valuation of Environmental Risks: The Case of Nitrates in Groundwater," Staff Papers 121335, Cornell University, Department of Applied Economics and Management.
    12. Halkos, George, 2012. "Assessing the economic value of protecting artificial lakes," MPRA Paper 39557, University Library of Munich, Germany.
    13. McConnell, K. E., 1997. "Does Altruism Undermine Existence Value?," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 22-37, January.
    14. Tisdell, Clement A. & Wilson, Clevo, 2004. "Information and Wildlife Valuation: Experiments and Policy," Economics, Ecology and Environment Working Papers 51409, University of Queensland, School of Economics.
    15. W. Viscusi & Joel Huber & Jason Bell, 2008. "Estimating discount rates for environmental quality from utility-based choice experiments," Journal of Risk and Uncertainty, Springer, vol. 37(2), pages 199-220, December.
    16. Halkos, George, 2011. "Economic valuation of coastal zone quality improvements," MPRA Paper 35395, University Library of Munich, Germany.
    17. Berrens, Robert P. & Brookshire, David & Ganderton, Philip & McKee, Mike, 1998. "Exploring nonmarket values for the social impacts of environmental policy change," Resource and Energy Economics, Elsevier, vol. 20(2), pages 117-137, June.

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