Time vs. money metrics for contingent valuation surveys : Theory and application to rural data

This paper makes two contributions: we shed light on the value of two marine ecosystemfrom the point of view of those living in them and add to the growing literature on the linksbetween 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 wagein the time metric. This theoretical prediction is supported empirically using a field survey onthe valuation of mangrove and seagrass conservation in rural Philippines