Background: Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if man...Background: Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if managed and harvested properly, could produce sustained economic benefits. In recent years, however, over half of the myrtle site areas was destroyed, due to inappropriate management and excessive harvesting practices. Thus, coming up with a practical harvesting approach along with identifying those factors damaging the sites, seems to be very crucial. Methods: In our investigation, we calculated the conservation value per hectare of myrtle in the Dooreh forest area in Lorestan Province. Using the Contingent Valuation (CV) and Double Bounded Dichotomous Choice (DBDC) methods, we determined the willingness to pay (VVTP) for myrtle conservation. The VVTP was estimated with a Iogit model for which indices were obtained based on a maximum precision criterion. Results: The results showed that 86.67 per cent of people were willing to pay for the conservation of these myrtle sites. Average monthly WTP per family was calculated as $0.79. The annual conservation value in terms of WTP for the preservation of the myrtle sites in Dooreh was estimated as $102,525. Among the variables of the model presented, education had a positive impact, while the amount proposed for payment and family size had a negative impact on the WTP. Conclusions: Our estimate of the value of myrtle conservation should provide justification for policy makers and decision making bodies of natural resources to implement policies in order to conserve the natural sites of this species more effectively.展开更多
World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (C...World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (CVM), which is an evaluation instrument on the basis of tourists′ attitude and preference, to measure the recreational value of Jiuzhaigou, one of the World Natural Heritage sites in China, and analyzes the biases in the survey. The results show that: 1) In 2009, Jiuzhaigou′s recreational value was 3.46×108 yuan (RMB), and the per capita Willingness to Pay (WTP) was 137.31 yuan by CVM. Compared with the results of other methods, this result is significantly low. 2) Among the factors that influence Jiuzhaigou tourists′ WTP, psychological perception factors have the greatest effect while demographic and socio-economic characteristics have a small effect on WTP. 3) The virtuality in CVM creates biases both from CVM itself and in the procedures that CVM was implemented. The former includes hypothetical bias, information bias, protest response bias, and strategic bias; and the latter includes the questionnaire design, population and sample definition, sampling and data processing. The paper analyses those biases and illustrates their potential in-fluences on the accuracy of CVM measurement. 4) Although there are various defects in CVM measurement, it is still an effective valuation method.展开更多
In a general continuous-time market model with proportional transaction costs, we derive the range of arbitrage-free prices of American contingent claims. Using a martingale approach, we obtain the upper and the lower...In a general continuous-time market model with proportional transaction costs, we derive the range of arbitrage-free prices of American contingent claims. Using a martingale approach, we obtain the upper and the lower hedging price of American contingent claims.展开更多
Through the survey of National Nature Reserve of Tianmu Mountain,based on relevant data of tourists of Tianmu Mountain over the years,the paper had analyzed some problems about the application of contingent value meth...Through the survey of National Nature Reserve of Tianmu Mountain,based on relevant data of tourists of Tianmu Mountain over the years,the paper had analyzed some problems about the application of contingent value method(CVM) in forest recreational value evaluation.Then,it had evaluated the forest recreational value of National Nature Reserve of Tianmu Mountain in 2007 and obtained evaluation results.Through the statistics of tourists' payment targets,it had calculated the payment value of each function of Tianmu Nature Reserve.The functions were appreciating landscape,exercising,visiting historical sites,photographing,scientific research,picnic and camping,and religion ranking in order from higher to lower value.In terms of nonuse value,existence value was slightly higher than option value and heritage value.It could be known from above research that Tianmu Mountain had great tourism development potential.Finally,it had proposed some suggestions for publicity,project setting and artificial landscape construction.展开更多
The contingent valuation method (CVM) is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, a...The contingent valuation method (CVM) is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, application of CVM in China is highly controversial based on three primary aspects: (I) the appropriate guidelines for CVM; (2) the elicitation techniques for willingness to pay (WTP); and (3) reliability and validity testing of CVM. The major objectives of this paper are to i^eview the recem devel- opments pertaining to guidelines, elicitation techniques, and reliability and validity testing for application of CVM, and to summa- rize the limitations of and measures for improving application of CVM in China. The applicability of CVM in China is discussed to enhance the future development of CVM in China.展开更多
In this paper,through applying the result of backward stochastic differential equations,it investigates a domination for pricing of the contingent claims by the use of nonlinear infinitesimal generator of process X. T...In this paper,through applying the result of backward stochastic differential equations,it investigates a domination for pricing of the contingent claims by the use of nonlinear infinitesimal generator of process X. This domination provides a guide for valuing the price of the position on the financial market.展开更多
The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate ...The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate persists over the reliability of CV in economic policy analysis. In order to improve the reliability of CV, WTP and WTA is used syn-chronously to estimate the restoration cost of Maqu grassland ecosystem. Data were partly from questionnaire survey, and partly from interviews and authorities. Before conclusions were derived, we assumed these data that came from interviews and authorities were right. The main result is: If we assumed that the degraded grassland of Maqu needs 10 years to be restored, and divided the restoring period into two stages, then the restoration cost was 0.85 × 108 RMB per year in former 4 years, 0.022 × 108 RMB per year in latter 6 years. The total cost of Maqu grassland restoration was 3.62 × 108 RMB. For all the costs of restoration, WTA occupied 94% and WTP only occupied 6%, suggesting that local grassland degradation was mainly caused by overgrazing and that the overloading livestock must be eliminated in order to achieve restoration successfully. Our research also showed that combining WTP and WTA in contingent valuation is very useful in estimating the cost of environmental improvement projects. Of course, whether these results are right or not, further researches are needed in the future, especially for the actual number of livestock in Maqu grassland.展开更多
The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restor...The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restoration of city structures affected by carbon monoxide. These benefits are expressed in monetary units by using the CVM (Contingent Valuation Method). The maintenance of the urban environment often entails excessive costs paid by the people through taxation. A city free of aesthetic pollution results in an increase in tourism. A portion of taxation paid by the citizens is allocated to cleaning the city. An increase in tourism provides the government with additional revenue through VAT (Value Added Taxes). The main findings show that in a large proportion, 28% of the interviewees are willing to pay, but those that are willing to pay significant amounts tend to prefer mild interventions to the buildings, while those (42%) that agree with minimal to null amount demand radical intervention. The latter group, also, considers any contribution of theirs to restoration as unfair, judging that this expenditure should be covered exclusively by the State. Last but not least, from a sociopsychological point of view, this attitude could be attributed to extreme personalities which tend to prefer more holistic and direct solutions (i.e., no mixed strategy involving people and the State is acceptable by interviewees who considered themselves as having no further obligations after regular tax-paying); as a result, they think that the State is exclusively responsible to resolve the situation.展开更多
The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM (Contingent Valuation Method). The first survey was conducted...The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM (Contingent Valuation Method). The first survey was conducted for the ruins of ancient "Diolkos" located in Isthmus of Corinth, Greece using a sample of 200 soldiers. The second survey was conducted for the ancient theater of Lefkada, using a sample of 100 tourists mad locals. The results have been analyzed with Logit model regression. The findings show that willingness to pay (or participate) is strongly affected by opportunity cost and awareness of the site's history. Further, income level and education level play a critical role in developing volunteering activity.展开更多
The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual...The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual's Willingness To Pay according to geographical location. Within this framework, an estimator (of type Nadaraya-Watson) is proposed for the regression of the variable related to geolocation. The specific characteristics of the location variable lead us to a more general regression model than the traditional models. Results are established for convergence of our estimator.展开更多
The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six repre...The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six representative cities in China based on face-to-face contingent valuation interviews(n=3936)from March 7,2019 to September 30,2019.The results reveal that the WTP varied from CNY 455 to 763 in 2019(USD 66-111),corresponding to a VSL range of CNY 3.79-6.36 million(USD 549395-921940).The VSL in China in 2019 is estimated to be CNY 4.76 million(USD 689659).The statistics indicate that monthly expenditure levels,environmental concerns,risk attitudes,and assumed market acceptance,which have seldom been dis‐cussed in previous studies,significantly impact WTP and VSL.These findings will serve as a reference for ana‐lyzing mortality risk reduction benefits in future research and for policymaking.展开更多
The importance of valuing environmental resources,especially in ecotourism sites,has become increasingly important over the last two decades.Ecotourism is now considered as an important source of livelihood of local s...The importance of valuing environmental resources,especially in ecotourism sites,has become increasingly important over the last two decades.Ecotourism is now considered as an important source of livelihood of local stakeholders in backward regions.Therefore,the preservation of ecotourism sites through community participation seems very important to maintain continued flow of tourists.This study aimed at recognizing the importance of community participation for the preservation of ecotourism sites.For this,this study executed a survey based on non-probability sampling in two ecotourism sites(Garpanchkot and Baranti)covering 100 respondents in Purulia District,West Bengal of India.The central issue of this study was to assess the tendency of community participation for the conservation of ecotourism sites and find the optimum condition for offering participatory labour time.This study showed that the participation of young people is high,and the majority of respondents are aware of the importance in protecting ecotourism sites.Because respondents were too poor to offer money,the contingent valuation method(CVM)was used to elicit their willingness to pay(WTP)participatory labour time for the conservation of ecotourism sites.Respondents’age,income,education level,caste,and their perceived environmental quality had significant relationship with their WTP participatory labour time by applying the ordinary least square(OLS)model.It was found that the mean WTP participatory labour time of each respondent in a month is approximately 3.64 h.The significance of this study is that community participation can improve the sense of belonging,trust,and credibility of ecotourism sites,making them more appreciative of the value and protection of these sites.展开更多
文摘Background: Around 2000 plant species occur naturally in Lorestan Province of which 250 species are medicinal and myrtle is one of them. Myrtle is a shrub whose leaves and fruits have medicinal value and thus, if managed and harvested properly, could produce sustained economic benefits. In recent years, however, over half of the myrtle site areas was destroyed, due to inappropriate management and excessive harvesting practices. Thus, coming up with a practical harvesting approach along with identifying those factors damaging the sites, seems to be very crucial. Methods: In our investigation, we calculated the conservation value per hectare of myrtle in the Dooreh forest area in Lorestan Province. Using the Contingent Valuation (CV) and Double Bounded Dichotomous Choice (DBDC) methods, we determined the willingness to pay (VVTP) for myrtle conservation. The VVTP was estimated with a Iogit model for which indices were obtained based on a maximum precision criterion. Results: The results showed that 86.67 per cent of people were willing to pay for the conservation of these myrtle sites. Average monthly WTP per family was calculated as $0.79. The annual conservation value in terms of WTP for the preservation of the myrtle sites in Dooreh was estimated as $102,525. Among the variables of the model presented, education had a positive impact, while the amount proposed for payment and family size had a negative impact on the WTP. Conclusions: Our estimate of the value of myrtle conservation should provide justification for policy makers and decision making bodies of natural resources to implement policies in order to conserve the natural sites of this species more effectively.
基金Under the auspices of Sino-British Fellowship by the British Academy (No. SG-47266)National Natural Science Foundation of China (No. 40371030)
文摘World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (CVM), which is an evaluation instrument on the basis of tourists′ attitude and preference, to measure the recreational value of Jiuzhaigou, one of the World Natural Heritage sites in China, and analyzes the biases in the survey. The results show that: 1) In 2009, Jiuzhaigou′s recreational value was 3.46×108 yuan (RMB), and the per capita Willingness to Pay (WTP) was 137.31 yuan by CVM. Compared with the results of other methods, this result is significantly low. 2) Among the factors that influence Jiuzhaigou tourists′ WTP, psychological perception factors have the greatest effect while demographic and socio-economic characteristics have a small effect on WTP. 3) The virtuality in CVM creates biases both from CVM itself and in the procedures that CVM was implemented. The former includes hypothetical bias, information bias, protest response bias, and strategic bias; and the latter includes the questionnaire design, population and sample definition, sampling and data processing. The paper analyses those biases and illustrates their potential in-fluences on the accuracy of CVM measurement. 4) Although there are various defects in CVM measurement, it is still an effective valuation method.
基金This work was supported in part by the National Science Foundation of China(No.101310310) the National Distinguished Youth Science Foundation of China(No.10325101) the Chinese Education Ministry Science Foundation(No.20030246004) the Natural Science Foundation of Zhejiang Province(No.Y605478).
文摘In a general continuous-time market model with proportional transaction costs, we derive the range of arbitrage-free prices of American contingent claims. Using a martingale approach, we obtain the upper and the lower hedging price of American contingent claims.
基金Supported by the National Natural Science Foundation of Zhejiang Province (Y304369)~~
文摘Through the survey of National Nature Reserve of Tianmu Mountain,based on relevant data of tourists of Tianmu Mountain over the years,the paper had analyzed some problems about the application of contingent value method(CVM) in forest recreational value evaluation.Then,it had evaluated the forest recreational value of National Nature Reserve of Tianmu Mountain in 2007 and obtained evaluation results.Through the statistics of tourists' payment targets,it had calculated the payment value of each function of Tianmu Nature Reserve.The functions were appreciating landscape,exercising,visiting historical sites,photographing,scientific research,picnic and camping,and religion ranking in order from higher to lower value.In terms of nonuse value,existence value was slightly higher than option value and heritage value.It could be known from above research that Tianmu Mountain had great tourism development potential.Finally,it had proposed some suggestions for publicity,project setting and artificial landscape construction.
基金supported by the One Hundred Talents Program of the Chinese Academy of Sciences, the National Natural Science Foundation of China (No. 40971278)the "Western Light" Project of the Chinese Academy of Sciences, and the Key Project of the Chinese Academy of Sciences (No. KZZD-EW-04-05)
文摘The contingent valuation method (CVM) is one of the main methods for evaluating non-market values of resources. It originated in the United States and was introduced into China during the 1980s and 1990s. However, application of CVM in China is highly controversial based on three primary aspects: (I) the appropriate guidelines for CVM; (2) the elicitation techniques for willingness to pay (WTP); and (3) reliability and validity testing of CVM. The major objectives of this paper are to i^eview the recem devel- opments pertaining to guidelines, elicitation techniques, and reliability and validity testing for application of CVM, and to summa- rize the limitations of and measures for improving application of CVM in China. The applicability of CVM in China is discussed to enhance the future development of CVM in China.
基金National Natural Science Foundation of China (No.10571025)Key Project of Chinese Ministry of Education (No.106076)
文摘In this paper,through applying the result of backward stochastic differential equations,it investigates a domination for pricing of the contingent claims by the use of nonlinear infinitesimal generator of process X. This domination provides a guide for valuing the price of the position on the financial market.
文摘The In most contingent valuation (CV) studies, WTP (Willingness to pay) and WTA (Willingness to accept) were often used separately, so protesting or no response or even babbling answers are increasing, and the debate persists over the reliability of CV in economic policy analysis. In order to improve the reliability of CV, WTP and WTA is used syn-chronously to estimate the restoration cost of Maqu grassland ecosystem. Data were partly from questionnaire survey, and partly from interviews and authorities. Before conclusions were derived, we assumed these data that came from interviews and authorities were right. The main result is: If we assumed that the degraded grassland of Maqu needs 10 years to be restored, and divided the restoring period into two stages, then the restoration cost was 0.85 × 108 RMB per year in former 4 years, 0.022 × 108 RMB per year in latter 6 years. The total cost of Maqu grassland restoration was 3.62 × 108 RMB. For all the costs of restoration, WTA occupied 94% and WTP only occupied 6%, suggesting that local grassland degradation was mainly caused by overgrazing and that the overloading livestock must be eliminated in order to achieve restoration successfully. Our research also showed that combining WTP and WTA in contingent valuation is very useful in estimating the cost of environmental improvement projects. Of course, whether these results are right or not, further researches are needed in the future, especially for the actual number of livestock in Maqu grassland.
文摘The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restoration of city structures affected by carbon monoxide. These benefits are expressed in monetary units by using the CVM (Contingent Valuation Method). The maintenance of the urban environment often entails excessive costs paid by the people through taxation. A city free of aesthetic pollution results in an increase in tourism. A portion of taxation paid by the citizens is allocated to cleaning the city. An increase in tourism provides the government with additional revenue through VAT (Value Added Taxes). The main findings show that in a large proportion, 28% of the interviewees are willing to pay, but those that are willing to pay significant amounts tend to prefer mild interventions to the buildings, while those (42%) that agree with minimal to null amount demand radical intervention. The latter group, also, considers any contribution of theirs to restoration as unfair, judging that this expenditure should be covered exclusively by the State. Last but not least, from a sociopsychological point of view, this attitude could be attributed to extreme personalities which tend to prefer more holistic and direct solutions (i.e., no mixed strategy involving people and the State is acceptable by interviewees who considered themselves as having no further obligations after regular tax-paying); as a result, they think that the State is exclusively responsible to resolve the situation.
文摘The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM (Contingent Valuation Method). The first survey was conducted for the ruins of ancient "Diolkos" located in Isthmus of Corinth, Greece using a sample of 200 soldiers. The second survey was conducted for the ancient theater of Lefkada, using a sample of 100 tourists mad locals. The results have been analyzed with Logit model regression. The findings show that willingness to pay (or participate) is strongly affected by opportunity cost and awareness of the site's history. Further, income level and education level play a critical role in developing volunteering activity.
文摘The Contingent Valuation Method is used to evaluate individual preferences for a change concerning a public non-market resource or property. The objective is to build a nonparametric forecasting model of an individual's Willingness To Pay according to geographical location. Within this framework, an estimator (of type Nadaraya-Watson) is proposed for the regression of the variable related to geolocation. The specific characteristics of the location variable lead us to a more general regression model than the traditional models. Results are established for convergence of our estimator.
基金supported by the National Natural Science Foun‐dation of China[Grant No.71773061].
文摘The value of a statistical life(VSL)is a crucial tool for monetizing health impacts.To explore the VSL in China,this study examines people’s willingness to pay(WTP)to reduce death risk from air pollution in six representative cities in China based on face-to-face contingent valuation interviews(n=3936)from March 7,2019 to September 30,2019.The results reveal that the WTP varied from CNY 455 to 763 in 2019(USD 66-111),corresponding to a VSL range of CNY 3.79-6.36 million(USD 549395-921940).The VSL in China in 2019 is estimated to be CNY 4.76 million(USD 689659).The statistics indicate that monthly expenditure levels,environmental concerns,risk attitudes,and assumed market acceptance,which have seldom been dis‐cussed in previous studies,significantly impact WTP and VSL.These findings will serve as a reference for ana‐lyzing mortality risk reduction benefits in future research and for policymaking.
文摘The importance of valuing environmental resources,especially in ecotourism sites,has become increasingly important over the last two decades.Ecotourism is now considered as an important source of livelihood of local stakeholders in backward regions.Therefore,the preservation of ecotourism sites through community participation seems very important to maintain continued flow of tourists.This study aimed at recognizing the importance of community participation for the preservation of ecotourism sites.For this,this study executed a survey based on non-probability sampling in two ecotourism sites(Garpanchkot and Baranti)covering 100 respondents in Purulia District,West Bengal of India.The central issue of this study was to assess the tendency of community participation for the conservation of ecotourism sites and find the optimum condition for offering participatory labour time.This study showed that the participation of young people is high,and the majority of respondents are aware of the importance in protecting ecotourism sites.Because respondents were too poor to offer money,the contingent valuation method(CVM)was used to elicit their willingness to pay(WTP)participatory labour time for the conservation of ecotourism sites.Respondents’age,income,education level,caste,and their perceived environmental quality had significant relationship with their WTP participatory labour time by applying the ordinary least square(OLS)model.It was found that the mean WTP participatory labour time of each respondent in a month is approximately 3.64 h.The significance of this study is that community participation can improve the sense of belonging,trust,and credibility of ecotourism sites,making them more appreciative of the value and protection of these sites.