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Title:A choice modelling approach for assessment of use and quasi-option values in urban planning for areas of environmental interest PDF Logo
Authors:Strazzera, Elisabetta
Cherchi, Elisabetta
Ferrini, Silvia
Issue Date:2008
Series/Report no.:Nota di lavoro // Fondazione Eni Enrico Mattei: Sustainable development 63.2008
Abstract:This study adopts a discrete choice modelling methodology to evaluate individuals' preferences over planning alternatives for an urban site of environmental interest. Since such projects involve some uncertainty and irreversibility, a special attention is devoted to the estimation of the quasi-option values which are associated to project development. Two distinct measures for the quasi-option value are estimated, and both coefficients indicate that the public places a significant value on reduction of the possibility of adverse irreversible effects: a more prudent development strategy is valued about four times more than a procedure that provides a lesser hedge against undesired outcomes. Furthermore, the study involved elicitation of intertemporal preferences over projects with different time spans, and estimation of the implicit discount rates: the values obtained seem high if compared to standard discount rates applied to public projects, but not far from current interest rates on consumption.
Subjects:Urban Planning
Environmental Values
Choice Modelling
Use Values
Quasi-option Values
Discounting
JEL:C35
Q51
R41
Document Type:Working Paper
Appears in Collections:FEEM Working Papers, Fondazione Eni Enrico Mattei

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