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Non-Market Values in a Cost-Benefit World: Evidence from a Choice Experiment

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  • Florian V Eppink
  • Matthew Winden
  • Will C C Wright
  • Suzie Greenhalgh

Abstract

In support of natural resource and ecosystem service policy, monetary value estimates are often presented to decision makers along with other types of information. There is some evidence that, presented with such ‘mixed’ information, people prioritise monetary over non-monetary information. We conduct a discrete choice experiment among New Zealand decision makers in which we manipulate the information presented to participants. We find that providing explicit monetary information strengthens the pursuit of economic benefits as well as the avoidance of environmental damage. Cultural impacts, of which we provided only qualitative descriptions, did not affect respondents’ choices. Our study provides further evidence that concerns regarding the use of monetary information in decisions with complex, multi-value impacts are valid. Further research is needed to validate our results and find ways to reduce any bias in monetary and non-market information.

Suggested Citation

  • Florian V Eppink & Matthew Winden & Will C C Wright & Suzie Greenhalgh, 2016. "Non-Market Values in a Cost-Benefit World: Evidence from a Choice Experiment," PLOS ONE, Public Library of Science, vol. 11(10), pages 1-12, October.
    • Handle: RePEc:plo:pone00:0165365
    DOI: 10.1371/journal.pone.0165365
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    References listed on IDEAS

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    Cited by:

    1. Greenhalgh, S. & Samarasinghe, O. & Curran-Cournane, F. & Wright, W. & Brown, P., 2017. "Using ecosystem services to underpin cost–benefit analysis: Is it a way to protect finite soil resources?," Ecosystem Services, Elsevier, vol. 27(PA), pages 1-14.
    2. Armatas, Christopher A. & Campbell, Robert M. & Watson, Alan E. & Borrie, William T. & Christensen, Neal & Venn, Tyron J., 2018. "An integrated approach to valuation and tradeoff analysis of ecosystem services for national forest decision-making," Ecosystem Services, Elsevier, vol. 33(PA), pages 1-18.
    3. Ebrahim Kheyri & Maryam Morovati & Akram Neshat & Gholamreza Siahati, 2020. "Economic valuation of natural promenades in Iran using zonal travel costs method (Case study area: Gahar Lake in Lorestan Province in western Iran)," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-10, November.
    4. Gugissa, Desalegn A. & Ingenbleek, Paul T.M. & van Trijp, Hans C.M., 2021. "Market knowledge as a driver of sustainable use of common-pool resources: A lab-in-the-field study among pastoralists in Ethiopia," Ecological Economics, Elsevier, vol. 185(C).
    5. Cerdá, Emilio & López-Otero, Xiral & Quiroga, Sonia & Soliño, Mario, 2024. "Willingness to pay for renewables: Insights from a meta-analysis of choice experiments," Energy Economics, Elsevier, vol. 130(C).
    6. Wright, William C.C. & Eppink, Florian V. & Greenhalgh, Suzie, 2017. "Are ecosystem service studies presenting the right information for decision making?," Ecosystem Services, Elsevier, vol. 25(C), pages 128-139.
    7. Matthews, Yvonne, 2023. "A hybrid and hierarchical stated preference study of freshwater restoration in Aotearoa New Zealand," Ecological Economics, Elsevier, vol. 203(C).

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