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A Simulating Annealing Approach to Non-Market Environmental Benefit Aggregation

Author

Listed:
  • Stephen Hynes
  • Nick Hanley
  • Cathal O'Donoghue

    (Department of Economics, National University of Ireland, Galway)

Abstract

This paper considers the use of a “combinatorial optimization” technique in the aggregation of environmental benefit values. Combinatorial optimization is used to statistically match population census data to a Contingent Valuation survey. The matched survey and census information is then used to produce regional and national total WTP figures. These figures are then compared to figures derived using more standard approaches to calculating aggregate environment benefit values. The choice of aggregation approach is shown to have a major impact upon estimates of total benefits at a regional level, especially when the target population displays considerable heterogeneity across space.

Suggested Citation

  • Stephen Hynes & Nick Hanley & Cathal O'Donoghue, 2010. "A Simulating Annealing Approach to Non-Market Environmental Benefit Aggregation," Working Papers 0166, National University of Ireland Galway, Department of Economics, revised 2010.
    • Handle: RePEc:nig:wpaper:0166
    as

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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=173
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=173
    File Function: Revised version, 2010
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    More about this item

    Keywords

    Combinational Optimization; contingent valuation; spatial microsimulation; non-market benefit aggregation Algorithmic Trading; MACD;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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