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Simulated exchange values and ecosystem accounting

Author

Listed:
  • Alejandro Caparrós
  • José L. Oviedo
  • Alejandro Álvarez
  • Pablo Campos

Abstract

This paper discusses the Simulated Exchange Value method, a practical method to estimate values for goods and services currently outside of the market in a consistent manner to market based figures considered in national accounts. The method proposes to simulate, in a partial equilibrium context, the price that would occur if a good or service outside of the market, such as free access recreation in forests, were internalized. The method takes into account the demand, estimated using non-market valuation techniques, the supply and the market structure. The discussion covers the case of a linear demand and the case where the demand is estimated using discrete choice methods. The paper applies the method to free access recreation in the forests of Andalusia, in the South of Spain, and compares the results to those obtained using Hicksian variations.

Suggested Citation

  • Alejandro Caparrós & José L. Oviedo & Alejandro Álvarez & Pablo Campos, 2015. "Simulated exchange values and ecosystem accounting," Working Papers 1512, Instituto de Políticas y Bienes Públicos (IPP), CSIC.
  • Handle: RePEc:ipp:wpaper:1512
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    File URL: http://investigacion.cchs.csic.es/RePEc/ipp/wpaper/csic-ipp-wp-2015-12_caparros.pdf
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    References listed on IDEAS

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    1. A. Caparros & P. Campos & G. Montero, 2003. "An operative framework for total hicksian income measurement - Application to a multiple-use forest," Post-Print hal-00719124, HAL.
    2. Heal, Geoffrey & Kristrom, Bengt, 2005. "National income and the environment," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 22, pages 1147-1217 Elsevier.
    3. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555, January.
    4. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 90(1), pages 156-162.
    5. Cairns, Robert D., 2008. "Value and income," Ecological Economics, Elsevier, vol. 66(2-3), pages 417-424, June.
    6. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-149.
    7. Cairns, Robert D., 2001. "Seeing the trees as a forest: what counts in green accounting," Ecological Economics, Elsevier, vol. 36(1), pages 61-69, January.
    8. Robert Cairns, 2003. "Reconciling the Green Accounts," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 25(1), pages 51-63, May.
    9. Paola Ovando & José L. Oviedo & Pablo Campos, 2015. "Measuring total social income of a stone pine afforestation in Huelva (Spain)," Working Papers 1501, Instituto de Políticas y Bienes Públicos (IPP), CSIC.
    10. Alejandro Caparrós & Pablo Campos & Gregorio Montero, 2003. "An Operative Framework for Total Hicksian Income Measurement: Application to a Multiple-Use Forest," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(2), pages 173-198, October.
    11. Alberini Anna, 1995. "Optimal Designs for Discrete Choice Contingent Valuation Surveys: Single-Bound, Double-Bound, and Bivariate Models," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 287-306, May.
    12. Carl Obst & Michael Vardon, 2014. "Recording environmental assets in the national accounts," Oxford Review of Economic Policy, Oxford University Press, vol. 30(1), pages 126-144.
    13. Ian J. Bateman & Richard T. Carson & Brett Day & Michael Hanemann & Nick Hanley & Tannis Hett & Michael Jones-Lee & Graham Loomes, 2002. "Economic Valuation with Stated Preference Techniques," Books, Edward Elgar Publishing, number 2639.
    14. Remme, Roy P. & Edens, Bram & Schröter, Matthias & Hein, Lars, 2015. "Monetary accounting of ecosystem services: A test case for Limburg province, the Netherlands," Ecological Economics, Elsevier, vol. 112(C), pages 116-128.
    15. Matero, Jukka & Saastamoinen, Olli, 2007. "In search of marginal environmental valuations -- ecosystem services in Finnish forest accounting," Ecological Economics, Elsevier, vol. 61(1), pages 101-114, February.
    16. Campos, Pablo & Caparros, Alejandro, 2006. "Social and private total Hicksian incomes of multiple use forests in Spain," Ecological Economics, Elsevier, vol. 57(4), pages 545-557, June.
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    Cited by:

    1. Oviedo, José L. & Caparrós, Alejandro & Ruiz-Gauna, Itziar & Campos, Pablo, 2016. "Testing convergent validity in choice experiments: Application to public recreation in Spanish stone pine and cork oak forests," Journal of Forest Economics, Elsevier, vol. 25(C), pages 130-148.

    More about this item

    Keywords

    Green accounting; recreation; non-market goods and services; Andalusia; AAS; SEEA; SNA; forests;

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