We study the heterogeneity of preferences regarding the limited substitutability of environmental public goods vis …-a-vis private consumption goods and how it affects the economic valuation of environmental public goods. We show theoretically that … mean marginal willingness to pay for an environmental public good decreases in society’s mean substitutability preference …

projects with environmental consequences. The standard approach typically neglects that ecosystem services are not easily … apply differentiated discount rates, such as a lower environmental discount rate, or account for increases in relative … scarcity by uplifting environmental values. Some governments already integrate this into their guidance, but empirical evidence …