Selected Empirical Analyses
New Horizons in Environmental Economics series
Edited by Phoebe Koundouri
Chapter 13: Contrasting conventional with multi-level modelling approaches to meta-analysis: expectation consistency in UK woodland recreation values
Ian J. Bateman and Andrew P. Jones 1. INTRODUCTION The past two decades have witnessed an increasing reliance upon beneﬁtcost analysis (BCA) as a tool for project appraisal and to inform decision making. In the UK, a typical example of this trend is provided by the 1995 Environment Act which brought into being the Environment Agency (EA) and imposed ‘general duties’ upon the Agency to take account of the costs and beneﬁts arising from its policies (HM Government, 1995). For many agencies, particularly those which have explicitly environmental or public good responsibilities, the assessment of beneﬁts necessitated by adopting BCA approaches has led to a growing interest in tools for the monetary valuation of preferences for environmental goods and services. Consequently, expressed preference methods such as contingent valuation (CV) and conjoint analysis (CA) together with revealed preference techniques such as hedonic pricing (HP) and individual and zonal travel cost (TC) have enjoyed an unprecedented increase in application. However, use of such methods raises theoretical, empirical and practical issues. At a theoretical level, certain of these various techniques yield diﬀerent measures of value. Furthermore, the validity of certain modes of application and analysis has been questioned. They are associated with recognized biases, exhibited as empirical regularities within the published literature. These issues place an onus upon the analyst to explain to decision makers the consequences of adopting certain study designs. However, from a decision perspective, a further and pressing practical issue concerns the fact that individual applications...
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