Economic Valuation Of The Environment

This book examines the major techniques used in cost-benefit analysis and project appraisal to value environmental goods and services. The authors, both environmental economists at the U. of Newcastle-upon- Tyne, UK, begin with description of various theoretical approaches including both revealed and expressed preference techniques. They then analyze case studies connected with recreation, landscape, biodiversity, water quality, amenity values. A concluding section contains discussion of contemporary issues, policy implications, and suggestions for future research. Annotation copyrighted by Book News, Inc., Portland, OR

The Economic Valuation of the Environment and Public Policy fills an important gap in economic literature by providing a comprehensive account of hedonic pricing and its use in valuation of environmental amenities. . . . It should be invaluable to anyone contemplating undertaking a hedonic pricing study of an environmental amenity, as it contains practical advice on a myriad of modeling issues. Likewise, it should be of value to anyone wishing to thoroughly understand and critique the results of a hedonic pricing exercise. Richard T. Carson, Environment I appreciate this book s blend between theory and applications. It contains an informative review of the development of the theory of the hedonic price technique as well as an insightful analysis of the econometrics of the approach. Noboru Hidano has a gift for breaking down the difficult theoretical and econometric problems into simple and manageable proportions. Per-Olov Johansson, Stockholm School of Economics, Sweden The importance of the hedonic valuation approach in public policy evaluation and environmental value estimation is now widely accepted. This book is especially designed to illustrate the basic assumptions of the hedonic approach and highlight the strengths and weaknesses associated with it. Combining rigorous theoretical analysis, detailed empirical studies and an extensive history of hedonic valuation, the book is both a good introductory text to the field and a precise yet comprehensive aid for professionals and practitioners alike. Some of the book s special features include: a comprehensive explanation of the basic theorem extensive discussions on the utility of the approach in the evaluation of both small-scale and large-scale projects detailed explanations of how the approach can best be applied to cost benefit analysis an examination of the applicability of the hedonic method by comparing estimated values for various environmental and public services an illustration of public policy and environmental valuation using readily-understood examples. The Economic Valuation of the Environment and Public Policy will be essential reading for students of environmental and ecological economics, environmental science and technology specialists, and all those who are interested in the evaluation of public sector projects.

Environmental Valuation in Developed Countries will be of interest to policy makers and economist in search of a variety of methodologies related to environmental valuation. Political Studies Review This is the second of two volumes of case studies that illustrate how environmental economists place values on environmental assets and on the flows of goods and services generated by those assets. The first volume, Valuing the Environment in Developing Countries, illustrates methodologies and applications of valuation techniques in the developing world; this volume concentrates on developed or wealthy nations where the first examples of economic valuation of the environment were carried out. This important book assembles studies that discuss broad areas of application of economic valuation from amenity and pollution through to water and health risks, from forestry to green urban space. In this, his last book, the late David Pearce brought together leading European experts, contributors to some two dozen case studies exploring the frontiers of economic valuation of natural resources and environmental amenity in the developed world. Essays on the role of valuation in environmental policy, environmental justice and green accounts are presented, and case study topics include: valuing forestry benefits GM crops water use and quality externalities in the electricity sector renewable energy benefits electricity transmission line disamenity urban greenspace chemical risks noise pollution. Economic valuation has undoubtedly made an important contribution to the environmental debate, and the contributors illustrate how sophisticated techniques have become, and how powerful their application can be. As such, this significant volume will prove essential reading for academics, researchers, students and practitioners in the field of environmental economics.

This companion volume to Economic Instruments for Environmental Management presents essential information on the applications of economic valuation to environment and development. It draws on a three-year collaborative effort by research institutions around the world. Authoritative studies review the range of valuation methods used in developing economies, their purposes, the problems encountered and the quality of the results. Topics covered include the value of wildlife viewing, the conservation of rainforests, mangroves and coral reefs, supplying rural water, and controlling urban air pollution. The analysis reveals important methodological and contextual factors, highlighting key lessons and ways of strengthening future valuations. Written to be accessible to non-economists, the book provides source material for students and academics, and for policy-makers and professionals, using valuation methods to frame policy.

Non-market valuation has become a broadly accepted and widely practiced means of measuring the economic values of the environment and natural resources. In this book, the authors provide a guide to the statistical and econometric practices that economists employ in estimating non-market values. The authors develop the econometric models that underlie the basic methods: contingent valuation, travel cost models, random utility models and hedonic models. They analyze the measurement of non-market values as a procedure with two steps: the estimation of parameters of demand and preference functions and the calculation of benefits from the estimated models. Each of the models is carefully developed from the preference function to the behavioral or response function that researchers observe. The models are then illustrated with datasets that characterize the kinds of data researchers typically deal with. The real world data and clarity of writing in this book will appeal to environmental economists, students, researchers and practitioners in multilateral banks and government agencies.

This book provides a systematic review of those economic approaches for valuing the environment and natural resources that use information on what people do, not what they say. The authors have worked on models of revealed preferences for valuing environmental and natural resources for several decades. The book provides a candid review of the major conceptual challenges and an exploration of neglected issues in the literature.

Economic valuation can help improve decisions about protecting the environment . By inputing values to unpriced goods, it can make public choices more cost-efficient and thus allow limited public income to be optimally spent.