Date
In this lecture, Dr. Pete Schuhmann presents an overview of non-market valuation methods and the data needed to use them in the case of environmental goods and services. He starts by presenting definitions of value and valuation and notes the differences between willingness-to-pay and willingness-to-accept, as well as the differences between costs and gain. He notes that in the context of environmental goods and services for which there may or may not be a market, there are a range of market and non-market valuation approaches that can help generate common units of measure and comparisons for decision-making. He highlights market-based methods of valuation like replacement costs and damaged avoidance and non-market revealed preference models, travel costs, random utility modeling, and hedonic pricing. He notes the need for biophysical data that can be translated into indicators that can be meaningfully valued by people.
-
About the Presenters
Image
Peter Schuhmann
Dr. Peter Schuhmann is a Professor of Economics at the University of North Carolina Wilmington. He received his master’s degree and PhD in economics from North Carolina State University with field concentrations in environmental economics and statistics. Peter focuses his research on environmental and natural resource economics with an emphasis on the non-market valuation of coastal and marine resources in North Carolina and the Caribbean. He is an affiliate faculty member at the Centre for Resource Management and Environmental Studies (CERMES) at the University of the West Indies, Cave Hill...
Image
Peter Schuhmann
Dr. Peter Schuhmann is a Professor of Economics at the University of North Carolina Wilmington. He received his master’s degree and PhD in economics from North Carolina State University with field concentrations in environmental economics and statistics. Peter focuses his research on environmental and natural resource economics with an emphasis on the non-market valuation of coastal and marine resources in North Carolina and the Caribbean. He is an affiliate faculty member at the Centre for Resource Management and Environmental Studies (CERMES) at the University of the West Indies, Cave Hill. Research collaborations with the interdisciplinary team at CERMES include valuation projects supported by the Caribbean Tourism Organization and the Barbados Ministry of Tourism, as well as consultancies with the Barbados Fisheries Division and the Caribbean Large Marine Ecosystem Project
-
Supporting Materials
Presentation slides:
Reading List:
Loomis, J. (2005). Economic values without prices: the importance of nonmarket values and valuation for informing public policy debates. Choices, 20(3), 179–182.Naidoo, R. (2008). The role of economic valuation in the conservation of tropical nature. Conference Paper, Economics and Conservation in the Tropics: A Strategic Dialogue, January. Vol. 31.
Presenters
Peter Schuhmann, University of North Carolina Wilmington
Share