Valuing Nonmarket Impacts of Climate Change on Recreation: From Reduced Form to Welfare

Nathan Chan and Casey Wichman

Environmental & Resource Economics, 2022, vol. 81, issue 1, No 8, 179-213

Abstract: Abstract Nonmarket damages are largely missing from aggregate climate impact estimates, especially those related to outdoor recreation. One simple approach to measuring these missing impacts is to estimate dose-response functions to weather, and then to combine these functions with benefits transfer approaches to value the gained or lost recreational opportunities. In this paper, we analyze the potential and shortcomings of such an approach. Although seemingly simplistic, we show that this approach has attractive theoretical properties and can provide exact or conservative estimates of surplus changes under standard assumptions that are commonly used in the valuation literature. We assess the accuracy of this approximation in the context of several prior studies of environmental quality changes, and we also use this framework to generate illustrative climate impacts for outdoor recreation using nationally representative time-use data.

Keywords: Nonmarket valuation; Climate change; Time allocation; Leisure demand; J22; Q51; Q54 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s10640-021-00624-3

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