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Time equals money? Valuing ecosystem-based adaptation in a developing country context

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  • Hagedoorn, Liselotte C.
  • Koetse, Mark J.
  • van Beukering, Pieter J. H.
  • Brander, Luke M.

Abstract

To guide investments in ecosystem-based adaptation (EbA) in developing countries, numerous stated preference valuation studies have been implemented to assess the value of ecosystem services. These studies increasingly use time payments as an alternative to money. There is limited knowledge, however, about how to convert time to money and how the type of payment affects willingness to pay (WTP). In this study, the results of choice experiments using time and money payments are compared in the context of EbA measures in Vietnam. Six, of which five individual-specific, conversion rates are applied. WTP estimates are found to be higher for time payments. Moreover, the type of payment vehicle as well as the conversion rate has substantial effect on mean WTP and WTP distributions. We discuss implications of these results for the conversion of time to money and the use of resulting WTP estimates in cost benefit analyses in developing countries.

Suggested Citation

  • Hagedoorn, Liselotte C. & Koetse, Mark J. & van Beukering, Pieter J. H. & Brander, Luke M., 2020. "Time equals money? Valuing ecosystem-based adaptation in a developing country context," Environment and Development Economics, Cambridge University Press, vol. 25(5), pages 482-508, October.
    • Handle: RePEc:cup:endeec:v:25:y:2020:i:5:p:482-508_4
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    Cited by:

    1. Hagedoorn, L.C. & Bubeck, P. & Hudson, P. & Brander, L.M. & Pham, M. & Lasage, R., 2021. "Preferences of vulnerable social groups for ecosystem-based adaptation to flood risk in Central Vietnam," World Development, Elsevier, vol. 148(C).
    2. Li, Liqing & Long, Dede, 2022. "Household Preference for Impure Public Goods - an Application of Community Gardens," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322142, Agricultural and Applied Economics Association.
    3. Sem J. Duijndam & W. J. Wouter Botzen & Liselotte C. Hagedoorn & Philip Bubeck & Toon Haer & My Pham & Jeroen C. J. H. Aerts, 2023. "Drivers of migration intentions in coastal Vietnam under increased flood risk from sea level rise," Climatic Change, Springer, vol. 176(2), pages 1-22, February.
    4. Zawojska, Ewa & Gastineau, Pascal & Mahieu, Pierre-Alexandre & Cheze, Benoit & Paris, Anthony, 2021. "Measuring policy consequentiality perceptions in stated preference surveys," 2021 Annual Meeting, August 1-3, Austin, Texas 313977, Agricultural and Applied Economics Association.
    5. Hagedoorn, Liselotte C. & Koetse, Mark J. & van Beukering, Pieter J.H. & Brander, Luke M., 2021. "Reducing the finance gap for nature-based solutions with time contributions," Ecosystem Services, Elsevier, vol. 52(C).

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