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

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See all articles by Bengt Kriström

Bengt Kriström

SLU- Centre for Environmental and Resource Economics (CERE)

Klarizze Puzon

Swedish University of Agricultural Sciences (SLU) - Center for Environmental and Resource Economics (CERE)

CERE Center for Environmental and Resource Economics

CERE

Date Written: December 10, 2021

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

Suggested Citation

Kriström, Bengt and Puzon, Klarizze and Center for Environmental and Resource Economics, CERE, Time vs. money metrics for contingent valuation surveys: Theory and application to rural data (December 10, 2021). Available at SSRN: https://ssrn.com/abstract=

Bengt Kriström

SLU- Centre for Environmental and Resource Economics (CERE) ( email )

Umea, 901 83
Sweden
+46-(0)90-7865219 (Phone)

Klarizze Puzon

Swedish University of Agricultural Sciences (SLU) - Center for Environmental and Resource Economics (CERE) ( email )

Almas Allé 10
Umeå, 750 07
Sweden

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