Time vs. money metrics for contingent valuation surveys: Theory and application to rural data

Abstract

This paper makes two contributions: we shed light on the value of two marine ecosystem
from the point of view of those living in them and add to the growing literature on the links
between the value of time and the value of non-priced goods. We show theoretically that WTP,
for a small environmental improvement, in the money metric is approximately equal to the wage
in the time metric. This theoretical prediction is supported empirically using a field survey on
the valuation of mangrove and seagrass conservation in rural Philippines.

Keywords: Time metrics, money metrics, contingent valuation

JEL Classification: Q51