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Ranking Environmental Projects

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  • Pannell, David J.

Abstract

Environmental agencies and organisations face the challenge of deciding which of the many possible environmental projects they should support with their limited resources. Projects vary greatly in environmental benefits and costs, so selecting the best projects can make a major difference to the level of environmental benefits that can be generated for a given budget. Key principles for ranking environmental projects are presented and explained. A suitable formula to use as a metric for ranking projects is developed and explained. The formula accounts for environmental values, the effectiveness of management, time lags, behaviour change, various risks and various costs. The suggested formula includes a number of appropriate simplifications. A number of common mistakes to avoid are outlined.

Suggested Citation

  • Pannell, David J., 2013. "Ranking Environmental Projects," Working Papers 156482, University of Western Australia, School of Agricultural and Resource Economics.
  • Handle: RePEc:ags:uwauwp:156482
    DOI: 10.22004/ag.econ.156482
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    References listed on IDEAS

    as
    1. Pannell, David J., 1997. "Sensitivity analysis of normative economic models: theoretical framework and practical strategies," Agricultural Economics, Blackwell, vol. 16(2), pages 139-152, May.
    2. Glenn Jenkins & Chun-Yan Kuo & Arnold C. Harberger, 2011. "Cost-Benefit Analysis for Investment Decisions: Chapter 4 (Discounting and Alternative Investment Criteria)," Development Discussion Papers 2011-04, JDI Executive Programs.
    3. Pannell, David J. & Roberts, Anna M., 2010. "Australia’s National Action Plan for Salinity and Water Quality: a retrospective assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(4), pages 1-20.
    4. Roberts, Anna M. & Pannell, David J. & Doole, Graeme & Vigiak, Olga, 2012. "Agricultural land management strategies to reduce phosphorus loads in the Gippsland Lakes, Australia," Agricultural Systems, Elsevier, vol. 106(1), pages 11-22.
    5. Pannell, David J. & Gibson, Fiona L., 2014. "Testing metrics to prioritise environmental projects," Working Papers 163211, University of Western Australia, School of Agricultural and Resource Economics.
    6. Stefan Hajkowicz & Andrew Higgins & Kristen Williams & Daniel P. Faith & Michael Burton, 2007. "Optimisation and the selection of conservation contracts," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 51(1), pages 39-56, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 259 – Increasing environmental benefits
      by David Pannell in Pannell Discussions on 2013-12-02 21:00:50
    2. 262 – Environmental triage
      by David Pannell in Pannell Discussions on 2014-03-17 20:00:04
    3. 263 – The EQ Index
      by David Pannell in Pannell Discussions on 2014-04-07 20:00:16
    4. 272 – Additionality
      by David Pannell in Pannell Discussions on 2014-09-29 20:00:44
    5. 279 – Garbage in, garbage out?
      by David Pannell in Pannell Discussions on 2015-03-11 20:00:26
    6. 325 – Ranking projects based on cost-effectiveness
      by David Pannell in Pannell Discussions on 2019-09-16 15:45:42

    Citations

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    Cited by:

    1. Pannell, David J. & Gibson, Fiona L., 2014. "Testing metrics to prioritise environmental projects," Working Papers 163211, University of Western Australia, School of Agricultural and Resource Economics.
    2. Rolfe, John & Windle, Jill, 2016. "Estimating supply functions for agri-environmental schemes: Water quality and the Great Barrier Reef," 2016 Conference (60th), February 2-5, 2016, Canberra, Australia 235510, Australian Agricultural and Resource Economics Society.
    3. Baker, Rick & Ruting, Brad, 2014. "Environmental Policy Analysis: A Guide to Non‑Market Valuation," 2014 Conference (58th), February 4-7, 2014, Port Macquarie, Australia 165810, Australian Agricultural and Resource Economics Society.
    4. Kompas, Tom & Chu, Long & Ha, Pham Van & Spring, Daniel, 2019. "Budgeting and portfolio allocation for biosecurity measures," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(3), July.
    5. Rolfe, John & Whitten, Stuart & Windle, Jill, 2017. "The Australian experience in using tenders for conservation," Land Use Policy, Elsevier, vol. 63(C), pages 611-620.

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    Keywords

    Environmental Economics and Policy;

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