Many studies in the stated preference literature on environmental valuation do not include the effects of substitutes and distance in willingness-to-pay (WTP) models, in spite of the relevance of these effects in aggregation and benefit transfer. Heterogeneity in the availability of substitutes...

Planted forests are increasingly recognised for the provision of habitats for species threatened with extinction. Despite this development, a limited number of empirical studies have been undertaken to estimate the economic value of this ecosystem service. New Zealand's planted forests provide...