Intertemporal Valuation of River Restoration

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Environmental and Resource Economics, ISSN: 0924-6460, Vol: 54, Issue: 1, Page: 41-61

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Meyer, Andrew
Springer Nature
Engineering; Economics, Econometrics and Finance; Environmental Science
article description
Willingness to pay for an environmental improvement is a function of how long it takes to deliver the improvement. To measure the effect of time on benefits, I utilize a discrete choice experiment that includes an attribute for delay until the improvement occurs and simultaneously estimate discount rates and valuation parameters. I estimate the present value of immediate and delayed Minnesota River Basin improvements using discount rates directly estimated from the econometric model. Compared to an immediate river basin cleanup, Minnesota residents lose almost half of the benefits when cleanup is delayed by 5 years. © 2012 Springer Science+Business Media B.V.