i.A. des Bundesministeriums für Bildung, Wissenschaft und Kultur / Forschungsschwerpunkt 'Kulturlandschaft' unter Leitung der Abteilung für Hydrobiologie, Fischereiwirtschaft und
01 Jan 2000-
About: The article was published on 2000-01-01 and is currently open access. It has received None citations till now.
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TL;DR: A test is performed of the recommendation by the NOAA panel on contingent valuation that respondents be reminded about other substitute resources and their budget constraint prior to answering the willingness-to-pay (WTP) question as discussed by the authors.
Abstract: A test is performed of the recommendation by the NOAA panel on contingent valuation that respondents be reminded about other substitute resources and their budget constraint prior to answering the willingness-to-pay (WTP) question The context for this experiment is a CVM study of the benefits from reducing fire hazards to old-growth forests in Oregon The test was performed using two mail surveys that were otherwise identical except for the inclusion of reminder statements prior to the WTP question The dichotomous choice logit equations were not statistically different between versions and the mean WTP results were identical
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TL;DR: In this paper, a conceptual model is developed which provides insight into how information affects willingness to pay for environmental commodities and the results support the contention that information is important for accurate environmental commodity consumer valuations.
Abstract: A conceptual model is developed which provides insight into how information affects willingness to pay for environmental commodities. A refutable hypothesis of the effects of a specific information type on the magnitude of willingness to pay for an environmental commodity is developed. This hypothesis is tested using a contingent valuation method experiment. Results indicate that information affects willingness to pay in a theoretically plausible manner. The results support the contention that information is important for accurate environmental commodity consumer valuations.
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TL;DR: In this paper, a theoretically consistent framework is developed for valuing the multidimensional impacts of environmental policy, and empirical results indicate significant substitution effects in valuing environmental conditions across different geographic regions.
Abstract: A theoretically consistent framework is developed for valuing the multidimensional impacts of environmental policy. Conventional benefit estimates are shown to be biased because of the presence of substitution and complementarity effects in valuing policy impacts. Procedures are developed for implementing a valid framework. Consistent with theory, empirical results indicate significant substitution effects in valuing environmental conditions across different geographic regions.
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TL;DR: In this paper, the authors developed a model of decision-making under uncertainty and irreversibility and showed that the optimal use of a natural environment is more likely to be continued preservation where the passage of time brings information about potential future benefits of preservation than where it does not.
Abstract: Publisher Summary This chapter develops some of the economic theory relevant to decisions about nature preservation. The theory is motivated by a discussion of current issues: the disposition of wilderness lands and the protection of endangered species. It discusses two key concepts: uncertainty and irreversibility. Uncertainty is pervasive economic life, of course. But more than the usual degree of uncertainty surrounds the potential future benefits from conserving ecosystems. Irreversibility is clearly central to thinking about endangered species or ecosystems because extinction or loss of wildlands is indeed irreversible. The chapter develops a model of decision-making under uncertainty and irreversibility. The model proves that the optimal use of a natural environment is more likely to be continued preservation where the passage of time brings information about potential future benefits of preservation than where it does not. A related result is that the fraction of the area optimally preserved is larger. Finally, it presents applications of the concepts and models developed for terrestrial ecosystems. It has relevance to hydrospheric and atmospheric environments as well.
49 citations