Wright, R.E and Hanley, N. and Adamowicz, V. (1998) Using choice experiments to value the enviroment - design issues, current experience and future prospects. Environmental and Resource Economics, 11 (3-4). pp. 413-428. ISSN 0924-6460Full text not available in this repository. (Request a copy from the Strathclyde author)
This paper we outline the “choice experiment” approach to environmental valuation. This approach has its roots in Lancaster’s characteristics theory of value, in random utility theory and in experimental design. We show how marginal values for the attributes of environmental assets, such as forests and rivers, can be estimated from pair-wise choices, as well as the value of the environmental asset as a whole. These choice pairs are designed so as to allow efﬁcient statistical estimation of the underlying utility function, and to minimise required sample size. Choice experiments have important advantages over other environmental valuation methods, such as contingent valuation and travel costtype models, although many design issues remain unresolved. Applications to environmental issues have so far been relatively limited. We illustrate the use of choice experiments with reference to a recent UK study on public preferences for alternative forest landscapes. This study allows us to perform a convergent validity test on the choice experiment estimates of willingness to pay.
|Keywords:||choice experiments, cost-beneﬁt analysis , environmental valuation, stated preference models , forest landscapes, Economic Theory, Management, Monitoring, Policy and Law, Aerospace Engineering|
|Subjects:||Social Sciences > Economic Theory|
|Department:||Strathclyde Business School > Economics|
|Depositing user:||Miss Jenna Wright|
|Date Deposited:||14 Oct 2010 13:51|
|Last modified:||28 Sep 2016 00:03|