scholarly journals THE REVEALED PREFERENCE METHODS IN ECONOMIC VALUATION OF ENVIRONMENTAL GOODS: A REVIEW

2018 ◽  
Author(s):  
Sara Sousa
Keyword(s):  
Economic Valuation ◽  
Revealed Preference ◽  
Environmental Goods

VALUATION OF CULTURAL HERITAGE ASSET: ISSUES AND CHALLENGES

2014 ◽  
Vol 2 (1) ◽  
pp. 65-75
Author(s):  
Junainah Mohamad ◽  
Suriatini Ismail ◽  
Rosdi Ab Rahman
Keyword(s):  
Cultural Heritage ◽  
Stated Preference ◽  
Economic Valuation ◽  
Revealed Preference ◽  
Valuation Method ◽  
Asset Value ◽  
Sustained Use ◽  
Stated Preference Method ◽  
Conventional Methods

AbstrakPenilaian hartanah warisan budaya adalah berbeza bila dibandingkan dengan aset atau hartanah lainkerana warisan budaya tidak dapat dijualbeli secara aktif dalam pasaran. Kebanyakan orang termasukprofesional dan orang awam beranggapan harta warisan budaya sangat bernilai dan tidak dapat dinilai.Keunikan harta warisan budaya ini menjadikannya sukar untuk dinilai dengan kaedah konvensional yangsedia ada. Kaedah-kaedah innovasi yang terkini yang digunakan dalam harta warisan budaya adalahStated Preference method dan Revealed Preference method. Kaedah ini adalah di bawah kategorikaedah penilain ekonomi bagi non-market goods. Pada asasnya, adalah sangat penting untuk menilaiharta warisan budaya kerana (1) untuk mengakui dan menghormati keseluruhan harta warisan budaya(2) untuk menghargai keperluan penyelenggaraan dan pemeliharaan harta warisan budaya dan (3) bagimembantu menjawab akauntabiliti bagi mengekalkan kegunaan harta warisan budaya yang berterusan.Disebabkan pemikiran lalu di mana kebanyakan orang beranggapan bahawa harta warisan budaya adalahnon-reproducible, non-economic commodity dan non-substitutable maka wujud cabaran dalam menilaiharta warisan budaya. Kajian ini menyenaraikan keperluan dan cabaran dalam menilai harta warisanbudaya. Abstract A valuation of cultural heritage asset is different from other kinds of asset or property because culturalheritage is not normally traded actively in the market. Most people including professional and the generalpublic think cultural heritage is priceless and cannot be valued. The uniqueness of cultural heritage assetsmakes it difficult to be valued using the existing conventional methods. The most recent innovative methodsused in valuing cultural heritage asset are Stated Preference method and Revealed Preference method.Both methods are under economic valuation method for non-market goods. Essentially, it is very importantto assess the cultural heritage asset value in order to 1) acknowledge and respect the full worth ofheritage asset, 2) appreciate the need for maintenance and preservation of cultural heritage asset and, 3)assist in responding to calls for more accountability for the sustained use of these assets. Because of pastthinking where people believe that cultural heritage asset is non-reproducible, non-economic commodityand non-substitutable there are challenges exist in valuing cultural heritage asset. This paper highlightsthe need and challenges in valuing cultural heritage asset.

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.

Economic Valuation Methods for Non-market Goods or Services

2015 ◽  
Author(s):  
Bengt Kriström ◽  
Per-Olov Johansson
Keyword(s):  
Stated Preference ◽  
Economic Valuation ◽  
Revealed Preference ◽  
Private Goods ◽  
Valuation Methods ◽  
Continuous Type ◽  
Goods And Services ◽  
Trade Offs ◽  
Starting Point ◽  
Professional Acceptance

Economic valuation methods for non-market goods and services comprise a range of empirical approaches to estimate a monetary value for the trade-off a person would be willing to make to increase the amount or the quality of a good or service for which there exists no market. After a period of more than fifty years of improvement, the approaches have reached a certain degree of maturity and professional acceptance; for example, they are routinely used in US court cases as a starting point for oil-spill damage assessments (which can run into several billions of US dollars). There are probably more than 10,000 papers published, covering a range of issues about economic valuation methods. While environmental and health studies dominate, an increasing number of applications appear in, inter alia, cultural economics. Since the number of things people care about is virtually without limits, the set of applications for measuring these types of trade-offs is very large; e.g., how much would students be willing to pay to reduce campus crime risk? What is the value of telecare programs that make it possible for elderly people to live independently? Is there an extra-market value of the Tour des Flandres (a cycling race)? How much would you pay to avoid the consequences of spam mail? We will divide our exposition into two parts, covering the most used stated-preference and revealed-preference methods. The stated-preference methods are based on what respondents state in interviews/questionnaires, generally targeting a person’s choices for a proposed change in a well-defined object of choice (such as one’s health status or some aspect of environmental quality). A revealed-preference method uses observed decisions for private goods related to the non-market good and theoretical assumptions to create the equivalent of surrogate markets, such as property markets, to measure values. There are two general lines of development; an increased focus on heterogeneity and an increased understanding of how to deal with the discrete/continuous type of consumer behavior that is common in the cases studied.

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.

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