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2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand >
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http://purl.umn.edu/10404
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| Title: | Environmental economics and valuation: towards a practical investment framework for Catchment Management Authorities in New South Wales |
| Authors: | Farquharson, Robert J.
Hill, Christine M.
Bennett, Jeffrey W.
Tracey, Jacqueline |
| Keywords: | environmental
economics
choice modelling
non-use values
investment framework |
| Issue Date: | 2007 |
| Series/Report no.: | Conference Paper |
| Abstract: | The Catchment Management Authorities in New South Wales have programs that are
collectively investing $436 million over four years to achieve catchment-wide natural
resource/environmental improvements. In this paper, we consider the question of how
to best allocate these resources so as to increase the well-being of the public within
catchments and the state. We consider the current approaches used by CMAs and
make a case for Benefit-Cost Analysis as an alternative means of assessing ex ante
questions of priority setting at the catchment level and for project appraisal. A major
issue for BCA is the estimation of potential benefits from project investments,
particularly the estimation of values that catchment communities and those living
outside the catchments place on the non-use benefits associated with environmental
improvements. We discuss alternative means of eliciting such values and propose the
stated-preference method of Choice Modelling as a means of overcoming this
Benefit-Cost Analysis shortcoming, because it incorporates advances in non-market
valuation. |
| URI: | http://purl.umn.edu/10404 |
| Institution/Association: | Australian Agricultural and Resource Economics Society - 2007>2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand |
| Total Pages: | 22 |
| Language: | English |
| Collections: | 2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand
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