The Worth of a Possum: Valuing Species with the Contingent Valuation Method

Kristin Jakobsson and Andrew Dragun

Environmental & Resource Economics, 2001, vol. 19, issue 3, 227 pages

Abstract: The focus of this paper is on methods of assessing the value peopleplace on the conservation of species for use in policy making. Of principalinterest is the relatively new methodology of contingent valuation, whichis a method for asking people directly about their preferences. The paperpresents an application of the contingent valuation method to theconservation of an endangered species in the State of Victoria, Australia.The results emphasise the importance of careful survey design,implementation and analysis as well as the precise definition of theenvironmental good being valued. Consequently, the contingent valuationmethod does provide information relevant to decision making processesbased on monetary economic considerations. Thus, in orthodox economicterms it makes sense to conserve species – but there are other moral andethical grounds for conserving species as well. Copyright Kluwer Academic Publishers 2001

Keywords: biodiversity; individual preferences; policy making; species conservation (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1023/A:1011128620388

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