Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Advances in Environmental Valuation and Choice Modelling Location: D-106 Session Chair: Fredrik Carlsson, University of Gothenburg | |
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Do People Discount Biodiversity Like Money? Evidence from a Within-Subject WTP Experiment University of Gothenburg, Sweden We investigate whether individuals discount delayed environmental rewards differently from delayed monetary rewards. Using a contingent valuation experiment with 1,850 respondents we elicit willingness to pay (WTP) for restoring eelgrass meadows in the Malmö port, Sweden, under three alternative time horizons for the same level of biodiversity recovery (2, 10, and 18 years). The same respondents also completed an analogous WTP task for monetary outcomes, allowing a direct comparison of individual discount factors across domains. Based on the WTP data, we estimate implicit discount factors and rates. We find a domain-specific term structure of discounting: annual discount factors across two equal 8-year intervals are very similar for the monetary domain (around 4.5%), whereas in the environmental domains the discount rate is substantially higher when the same biodiversity improvement is shifted from 10 to 18 years (10%) rather than from 2 to 10 years (4.5%). This implies greater impatience for environmental outcomes than for monetary ones in the more distant future —contrary to previous studies that often find overall lower environmental discount rates. | |