Scandinavian Working Papers in Economics
CERE Working Papers,
CERE - the Center for Environmental and Resource Economics
No 2021:16: Time vs money metrics for contingent valuation surveys: Theory and application to rural data
Bengt Kriström () and Klarizze Anne Puzon ()
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Bengt Kriström: CERE - the Center for Environmental and Resource Economics
Klarizze Anne Puzon: CERE - the Center for Environmental and Resource Economics
Abstract: This paper makes two contributions: we shed light on the value of two marine ecosystem from the point of view of those living in them and add to the growing literature on the links between the value of time and the value of non-priced goods. We show theoretically that WTP, for a small environmental improvement, in the money metric is approximately equal to the wage in the time metric. This theoretical prediction is supported empirically using a field survey on the valuation of mangrove and seagrass conservation in rural Philippines.
Keywords: time metrics; money metrics; contingent valuation
JEL-codes: Q51
Language: English
21 pages, December 10, 2021
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