scholarly journals Estimating the effects of fish quality and size on the economic value of fishing in Oklahoma streams and rivers: A revealed preference and contingent behavior approach

2021 ◽  
Vol 244 ◽  
pp. 106116
Author(s):  
Omkar Joshi ◽  
Binod P. Chapagain ◽  
James M. Long ◽  
Betsey York ◽  
Andrew T. Taylor
Keyword(s):  
Economic Value ◽  
Revealed Preference ◽  
Fish Quality ◽  
Streams And Rivers ◽  
Contingent Behavior

scholarly journals The value of water levels in water-based recreation: A pooled revealed preference/contingent behavior model

2000 ◽  
Vol 36 (4) ◽  
pp. 1079-1086 ◽  
Author(s):  
Mark E. Eiswerth ◽  
Jeffrey Englin ◽  
Elizabeth Fadali ◽  
W. Douglass Shaw
Keyword(s):  
Revealed Preference ◽  
Water Levels ◽  
Behavior Model ◽  
Contingent Behavior ◽  
Water Based ◽  
Value Of Water

scholarly journals Reward-specific satiety affects subjective value signals in orbitofrontal cortex during multicomponent economic choice

2021 ◽  
Vol 118 (30) ◽  
pp. e2022650118
Author(s):  
Alexandre Pastor-Bernier ◽  
Arkadiusz Stasiak ◽  
Wolfram Schultz
Keyword(s):  
Orbitofrontal Cortex ◽  
Economic Value ◽  
Revealed Preference ◽  
Value Change ◽  
Neuronal Coding ◽  
Preference Theory ◽  
Subjective Value ◽  
Reward Value ◽  
Value Loss ◽  
Reward Functions

Sensitivity to satiety constitutes a basic requirement for neuronal coding of subjective reward value. Satiety from natural ongoing consumption affects reward functions in learning and approach behavior. More specifically, satiety reduces the subjective economic value of individual rewards during choice between options that typically contain multiple reward components. The unconfounded assessment of economic reward value requires tests at choice indifference between two options, which is difficult to achieve with sated rewards. By conceptualizing choices between options with multiple reward components (“bundles”), Revealed Preference Theory may offer a solution. Despite satiety, choices against an unaltered reference bundle may remain indifferent when the reduced value of a sated bundle reward is compensated by larger amounts of an unsated reward of the same bundle, and then the value loss of the sated reward is indicated by the amount of the added unsated reward. Here, we show psychophysically titrated choice indifference in monkeys between bundles of differently sated rewards. Neuronal chosen value signals in the orbitofrontal cortex (OFC) followed closely the subjective value change within recording periods of individual neurons. A neuronal classifier distinguishing the bundles and predicting choice substantiated the subjective value change. The choice between conventional single rewards confirmed the neuronal changes seen with two-reward bundles. Thus, reward-specific satiety reduces subjective reward value signals in OFC. With satiety being an important factor of subjective reward value, these results extend the notion of subjective economic reward value coding in OFC neurons.

VP95 The Monetary Value Of A Statistical Life Year: A Systematic Review

2017 ◽  
Vol 33 (S1) ◽  
pp. 192-193
Author(s):  
Michael Schlander ◽  
Oliver Schwarz ◽  
Ramon Schaefer
Keyword(s):  
Systematic Review ◽  
Discount Rate ◽  
Stated Preference ◽  
Economic Value ◽  
Revealed Preference ◽  
Cost Benefit ◽  
Original Research ◽  
Statistical Life ◽  
Empirical Estimates ◽  
Widespread Agreement

INTRODUCTION:Among economists, there is widespread agreement that the monetary valuation of health gains should reflect the preferences of those who will be affected by resource allocation decisions. In the context of Health Technology Assessments (HTAs), this view implies a need for reliable empirical estimates of the value of statistical life year (VSLY), which should provide a useful point of reference for cost benefit analyses.METHODS:We conducted a systematic review of the literature on the economic value of a statistical life (VSL). We searched in the EconBiz and EconLit databases for studies, which reported VSL estimates based on original research and were published between 1995 and 2015. We classified studies by methodology, that is, revealed preference (RP) or stated preference (SP; that is, CV, contingent valuation, or DCE (discrete choice experiment) approach, and by regional origin of data. We transformed VSL estimates into VSLY expressed in year 2014 Euros, using life expectancy tables for the populations studied, a real discount rate of 3 percent, national Consumer Price Indices for inflating, and purchasing power parities for currency conversion. In addition, we calculated ratios of VSLY to gross domestic product (GDP) per capita.RESULTS:Our search yielded 120 studies appropriate for inclusion. From these, we extracted a total of 132 VSL estimates (RP, n = 60; SP, n = 72). The median VSLY was 6.4 times GDP/capita. Transformed into Euro (2014), the median VSLY was EUR165,000 (mean, EUR217,000). We found significant differences by regional source of data (North American, median EUR272,000; European, EUR158,000) and by method (RP, EUR241,000; SP: CV, EUR117,000; DCE, EUR187,000). VSLY estimates were sensitive to discount rate.CONCLUSIONS:Our data indicate that VSLY estimates based on empirical data exceed benchmarks commonly used in the context of HTAs. However, inter-study variability, methodological limitations, and normative considerations, all suggest to exercise caution before translating this observation into actual policy.

scholarly journals APPROACH TO THE ECONOMIC VALUE GENERATED IN THE NATURAL PARKS OF CORDOBA (SPAIN)

2015 ◽  
Vol 6 ◽  
pp. 16
Author(s):  
Amalia Fernández Hidalgo ◽  
Rafael Enrique Hidalgo-Fernández ◽  
Juan Antonio Cañas Madueño ◽  
Manuel Arriaza
Keyword(s):  
Natural Environment ◽  
Sustainable Management ◽  
Economic Valuation ◽  
Economic Value ◽  
Revealed Preference ◽  
Holistic Approach ◽  
Use Value ◽  
Policy Makers ◽  
Natural Parks ◽  
Recreational Use

The economic valuation of the protected natural parks contributes to a holistic approach of the economy, from the market to the ecological and social perspective, aiming at a sustainable management of the natural heritage as well as reducing its deterioration. It also provides valuable information to policy makers for the protection and conservation of the natural environment. To estimate the recreational use value of the natural parks we applied a revealed preference method and a declared preference method. The results are consistent with previous studies on these types of protected areas.

scholarly journals Where did it go wrong? Marriage and divorce in Malawi

2021 ◽  
Vol 12 (2) ◽  
pp. 505-545 ◽  
Author(s):  
Laurens Cherchye ◽  
Bram De Rock ◽  
Frederic Vermeulen ◽  
Selma Walther
Keyword(s):  
Structural Model ◽  
Economic Value ◽  
Marriage Market ◽  
Revealed Preference ◽  
Marital Instability ◽  
Stable Marriage ◽  
Marriage Markets ◽  
Out Of Sample ◽  
The Difference ◽  
Rich Data

Do individuals marry and divorce for economic reasons? Can we measure the economic attractiveness of a person's marriage market? We answer these questions using a structural model of consumer‐producer households that is applied to rich data from Malawi. Using revealed preference conditions for a stable marriage market, we define the economic attractiveness of a potential match as the difference between the potential value of consumption and leisure with the new partner and the value of consumption and leisure in the current marriage. We estimate this marital instability measure for every possible pair in geographically defined marriage markets in 2010. We find that the marital instability measure is predictive of future divorces, particularly for women. We further show that this estimated effect on divorce is mitigated by the woman's age, and by a lack of men, relative to women, in the marriage market, showing that these factors interact with the economic attractiveness of the remarriage market. These findings provide out‐of‐sample validation of our model and evidence that the economic value of the marriage market matters for divorce decisions.

Economic Value of Reducing Exposure to Environmental Health Risks

2020 ◽  
Author(s):  
W. Kip Viscusi ◽  
Rachel Dalafave
Keyword(s):  
Willingness To Pay ◽  
Environmental Health ◽  
Risk Reduction ◽  
Health Risks ◽  
Stated Preference ◽  
Economic Value ◽  
Revealed Preference ◽  
Personal Characteristics ◽  
The United States ◽  
Environmental Health Risks

Valuing the benefit of reduced exposures to environmental health risks requires assessment of the willingness to pay for the risk reduction. Usual measures typically estimate individual local rates of substitution between money and the reduced probability of the adverse health impact. Benefit-cost analyses then aggregate individuals’ willingness to pay to calculate society’s willingness to pay for the health risk reduction benefit. The theoretical basis for this approach is well established and is similar for mortality risks and health outcomes involving morbidity effects. Researchers have used both stated preference methods and revealed preference data that draw on values implicit in economic decisions. Continuing controversies with respect to valuation of environmental health impacts include the treatment of behavioral anomalies, such as the gap between willingness-to-pay and willingness-to-accept values, and the degree to which heterogeneity in values because of personal characteristics such as income and age should influence benefit values. A considerable literature exists on the value of a statistical life (VSL), the local tradeoff between fatality risk and money, which is used to value mortality risk reductions. Many VSL estimates use data from the United States for regulatory analyses of environmental policies, but several other countries have distinct valuation practices. There are empirical estimates of the benefits associated with reducing the risks of many environmental health effects, including cancer, respiratory diseases, gastrointestinal illnesses, and other health consequences that have morbidity effects.

Economic valuation of aquatic ecosystem services in developing countries

Water Policy ◽  
2009 ◽  
Vol 12 (1) ◽  
pp. 20-31 ◽  
Author(s):  
Louise Korsgaard ◽  
Jesper S. Schou
Keyword(s):  
Developing Countries ◽  
Ecosystem Services ◽  
Aquatic Ecosystem ◽  
Economic Valuation ◽  
Economic Value ◽  
Market Price ◽  
Revealed Preference ◽  
Integrated Water Resources Management ◽  
Great Effort ◽  
Important Challenge

An important challenge of integrated water resources management (IWRM) is to balance water allocation between different users. While economically and/or politically powerful users have well developed methods for quantifying and justifying their water needs, this is not the case for ecosystems—the silent water user. A promising way of placing aquatic ecosystems on the water agenda is by economic valuation of services sustained by ecosystems. In developing countries, the livelihoods of rural people often depend directly on the provision of aquatic ecosystem services. In such situations, economic valuation of ecosystem services becomes particularly challenging. This paper reviews recent literature on economic valuation of aquatic ecosystem services in developing countries. “Market price” is the most widespread method used for valuating marketed ecosystem services in developing countries. “Cost based” and “revealed preference” methods are frequently used when ecosystem services are non-marketed. A review of 27 existing valuation studies reveals a considerable range of estimated total economic value of aquatic ecosystem services in developing countries, that is from US$30 to 3,000/ha/year. The paper concludes that economic valuation is vital for bringing ecosystems to decision-making agendas in developing countries and that great effort must be made to bridge the gap between scientists and decision makers.

scholarly journals Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira

2018 ◽  
Vol 10 (7) ◽  
pp. 2550 ◽  
Author(s):  
Saúl Torres-Ortega ◽  
Rubén Pérez-Álvarez ◽  
Pedro Díaz-Simal ◽  
Julio de Luis-Ruiz ◽  
Felipe Piña-García
Keyword(s):  
Cultural Heritage ◽  
Demand Curve ◽  
Economic Valuation ◽  
Economic Value ◽  
Revealed Preference ◽  
Travel Cost ◽  
World Heritage Site ◽  
Research Center ◽  
Travel Cost Method ◽  
National Museum

The economic assessment of non-marketed resources (i.e., cultural heritage) can be developed with stated or revealed preference methods. Travel cost method (TCM) is based on the demand theory and assumes that the demand for a recreational site is inversely related to the travel costs that a certain visitor must face to enjoy it. Its application requires data about the tourist’s origin. This work aims to analyze the economic value of the National Museum and Research Center of Altamira, which was created to research, conserve, and broadcast the Cave of Altamira (UNESCO World Heritage Site since 1985). It includes an accurate replica known as the “Neocave”. Two different TCM approaches have been applied to obtain the demand curve of the museum, which is a powerful tool that helps to assess past and future investments. It has also provided the annual economic value estimate of the National Museum and Research Center of Altamira, which varies between 4.75 and 8.00 million € per year.

Economic valuation of resuscitating the Dead Sea

Water Policy ◽  
2006 ◽  
Vol 8 (4) ◽  
pp. 351-370 ◽  
Author(s):  
Nir Becker ◽  
David Katz
Keyword(s):  
Stated Preference ◽  
Economic Valuation ◽  
Economic Value ◽  
Revealed Preference ◽  
Dead Sea ◽  
Dead Sea Basin ◽  
Market Economic ◽  
Study Results ◽  
The Dead ◽  
First Time

As a result of diversion of upstream waters and intensive mineral extraction along its shores, the level of the Dead Sea is dropping at a rate of almost one meter per year, causing the sea continuously to break its own record as the lowest place on earth. The loss of the sea and the accompanying ecological and cultural damage in the basin has traditionally been regarded as an unavoidable consequence of rational economic policy. This study investigates for the first time the non-market economic value of conservation of the Dead Sea basin using both contingent valuation (stated preference) and travel cost (revealed preference) studies. Study results indicate that all three local populations, Israeli, Jordanian and Palestinian, demonstrate a substantial willingness to pay to preserve the cultural and environmental heritage of the region. Such results strengthen the case for conservation of the region, which, heretofore, has relied strictly on ethical and ecological rationales.

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