In this study, we have constructed a valuation model based on the CVM consistent with the TCM, in order to measure the use and the non-use values of environmental goods consistently. And the practicality of our model has been examined, by applying this model to measurement of environmental...

Motivated by the 2006 report of a Work Group appointed by the Environmental Protection Agency (EPA), this paper examines the present state of meta-analysis in environmental economics and offers recommendations for its future use. To this end we summarize and assess 130 meta-analyses from 115...

Norway is considering a national afforestation program for greenhouse gas (GHG) sequestration on recently abandoned semi-natural pastureland. However, the program may have negative impacts on landscape aesthetics and biodiversity. We conducted a national choice experiment survey to estimate...

The central part of the Silesia Park in Chorzów was designed as a forest refugium. Now this area of 200 ha is under pressure. Many trees have been cut down for the safety of park visitors. The forest is of significance for people who prefer walking and relaxation far from urban noise and park...

Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...

In this paper, we elaborate on an idea initially developed by Weitzman (1998) that justifies taking the lowest possible discount rate for far-distant future cash flows. His argument relies on the arbitrary assumption that when the future rate of return of capital (RRC) is uncertain, one should...

Equal treatment for the present and the future was required in two axioms introduced in the articles by Chichilnisky of the years 1996 and 1997. These articles provide a characterization of the decision criterion that satisfies the axioms and shows that the two axioms are equivalent to physical...

In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...