Conference Agenda
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Daily Overview |
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Green preferences Location: Auditorium D: Anna Mette Pagaard Fuglseth Session Chair: Carlo Caporali, Gran Sasso Science Institute | |
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Life satisfaction shadow prices for environmental public goods 1: iDiv, Germany; 2: iDiv, Germany; 3: iDiv, Germany Unpacking people’s self-rated life satisfaction to price environmental public goods is promising to inform well-being-improving decisions. Yet, previous contri- butions yield inconsistent estimates of the income-life satisfaction conversion rate, leading to an overvaluation of non-market environmental goods. This paper devel- ops and implements a new valuation framework for calculating the life satisfaction shadow price for environmental goods in a two-step regression procedure. Using restricted georeferenced longitudinal survey data on life satisfaction, we find that the two-step valuation approach produces smaller shadow prices (with and with- out instrumenting for income) compared to the individual-level valuation (one-step regression). We provide strong empirical evidence that the overvaluation bias re- ported in the existing life satisfaction literature can be largely explained by the level of valuation rather than the endogeneity of income, as previously exposed in the literature. Exploiting variations in labor demand shocks across industries in a shift-share instrumental variable strategy, we demonstrate that although the instru- mental variable approach significantly increases the size of the income coefficient, the resulting shadow prices remain relatively similar to those obtained without in- strumenting for income. We derive shadow prices for protected areas around 2.6 EUR per month/m2, and 0.20 EUR per month/m2 for open space. | |