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A Simulating Annealing Approach to Non-Market Environmental Benefit Aggregation

Stephen Hynes, Nick Hanley () and Cathal O'Donoghue ()

No 166, Working Papers from National University of Ireland Galway, Department of Economics

Abstract: This paper considers the use of a “combinatorial optimization” technique in the aggregation of environmental benefit values. Combinatorial optimization is used to statistically match population census data to a Contingent Valuation survey. The matched survey and census information is then used to produce regional and national total WTP figures. These figures are then compared to figures derived using more standard approaches to calculating aggregate environment benefit values. The choice of aggregation approach is shown to have a major impact upon estimates of total benefits at a regional level, especially when the target population displays considerable heterogeneity across space.

Keywords: Combinational Optimization; contingent valuation; spatial microsimulation; non-market benefit aggregation Algorithmic Trading; MACD (search for similar items in EconPapers)
JEL-codes: Q51 Q57 (search for similar items in EconPapers)
Date: 2010, Revised 2010
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