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

No 2021:16, CERE Working Papers from 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 (search for similar items in EconPapers)
JEL-codes: Q51 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2021-12-10
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:slucer:2021_016

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