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1 – 10 of over 1000H.F. Campbell, A. McIlgorm and B.M. Tsamenyi
Discusses marine environment management and maximization of the sustainable use and non‐use values of the flow of goods and services generated by that environment. Expands on the…
Abstract
Discusses marine environment management and maximization of the sustainable use and non‐use values of the flow of goods and services generated by that environment. Expands on the traditional economic model of fishery management to include the protection of non‐use values. Assesses international agreements made to include the protection of non‐use values of the marine environment, and examines the conflict between GATT rules and unilateral attempts to protect existence values. Proposes solutions based on the full cost pricing principle.
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Considering built heritage as public goods demands a lot of planning as usually historic sites and monuments are administrated by governments. The purpose of this paper is to…
Abstract
Purpose
Considering built heritage as public goods demands a lot of planning as usually historic sites and monuments are administrated by governments. The purpose of this paper is to propose and apply contingent valuation method (CVM) for the value assessment of historic sites as public goods.
Design/methodology/approach
The aim of this research is to apply CVM to assess the total value as well as sub values, use and non-use values of a historic site. Ferdowsi mausoleum in Tus historic area near Mashhad city in Iran has been chosen as a case study.
Findings
The paper indicates that historic sites meet all the criteria for being considered as public goods and obtained high amount of willingness to pay proves the significance of Ferdowsi mausoleum to the people of Mashhad city and its tourists. Non-use values comprise the highest share of value and cultural identity has the highest value among non-use values.
Practical implications
It is recommended that CVM be applied in cost-benefit analysis of historic sites. This is useful in the process of prioritization of restoration and maintenance of historic sites and could be used by policy makers in policy crafting processes.
Originality/value
CVM has been used for the first time for a mausoleum and for a site in Iran and sub values have been measured for the first time for a historic site.
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Pablo Castellanos Garcia, Jaume García Villar and José Manuel Sánchez Santos
The purpose of this paper is to obtain evidence about the scope of the determinants of the willingness to pay (WTP) of the residents in a Spanish city (A Coruña) for keeping a…
Abstract
Purpose
The purpose of this paper is to obtain evidence about the scope of the determinants of the willingness to pay (WTP) of the residents in a Spanish city (A Coruña) for keeping a professional football team (Deportivo) competing at the highest level. Apart from the individual socio-demographic characteristics of the respondents and their attitudes as football fans, the authors try to know the influence on the WTP of factors such as the general economic conditions and the plausibility of the team disappearance.
Design/methodology/approach
The value of the intangible benefits associated with the team existence is derived from the application of the contingent valuation method (CVM), using two surveys conducted in 2003 and 2012, respectively, with the aim of obtaining information concerning citizens’ behaviour and attitudes towards a professional football team.
Findings
The consumption of public goods generated by the local football team is relatively inelastic to the sport success and general economic situation, but the value assigned by residents to those goods depends on these factors. Of the two components of the WTP, the non-use value is especially sensitive to changes both in the Spanish economic conditions and in the quality of the public goods generated by the football team.
Originality/value
This is the first study that applies the CVM to a football team controlling for both the general economic conditions and the team sport success and, as such, it provides interesting insights into the nature and scope of the determinants of individuals’ WTP in a CVM setting.
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Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which…
Abstract
Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which include a statement of financial position (financial worth) and an operating statement (an estimate of the return on the investment), have an economic rationale: the information is intended to guide the allocation of scarce government resources. All government assets, including those held for their cultural, historical or environmental values (heritage assets) are to be valued utilizing the neo‐classical theory of value. Argues that the accounting exercise is flawed. Measurement of value‐in‐use or value‐in‐exchange of heritage assets is inherently subjective, ignoring institutional conditions and non‐use values. The accounting approach fails to measure either the service value or economic benefits of governmental heritage assets. Consequently, the information generated is inconsistent with the economic rationale and the valuation process may prejudice any assessment of the performance of entities responsible for these assets. There is a strong case for either widening the concept of value to include non‐use values or abandoning the measurement of heritage assets.
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The purpose of this paper is to examine the role of natural resources accounting in sustainable development. Natural resource accounting is important because the welfare of a…
Abstract
Purpose
The purpose of this paper is to examine the role of natural resources accounting in sustainable development. Natural resource accounting is important because the welfare of a nation measured in terms of gross domestic product (GDP) has several weaknesses.
Design/methodology/approach
This paper achieves this objective by identifying the present status, the constraints and the challenges for the economics and accounting professions.
Findings
The main weakness of GDP as a measure of development is that it does not take into account damages to environmental resources. However, the improvement of the concept to include environmental resource use is made difficult because of the difficulties of measuring environmental damage. The challenge to the economics and accounting profession is to ensure interdisciplinary collaboration, development of a framework to explicitly include the environment, development of credible valuation procedures for the environment, and inclusion of the various ethical positions advanced by various groups on the value of the environment.
Practical implications
Some headway has been made on these issues during the last decade but a major challenge still lies ahead in further improving these approaches so that sustainable development becomes an achievable goal.
Originality/value
This paper brings together diverse views and fusing them together providing a future path for research in environmental accounting to achieve sustainable development.
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Laura Gabrielli and Valeria Farinelli
The historic assets are heterogeneous and different to each other, and for this reason, consolidated valuation methodologies do not exist in practice or in the literature. It is…
Abstract
Purpose
The historic assets are heterogeneous and different to each other, and for this reason, consolidated valuation methodologies do not exist in practice or in the literature. It is, therefore, necessary to dwell on the study of a particular historic building type or category. The assessment process of the valuers of Venetian Villas was explored, focusing on the study of the valuation function construction. The paper investigated if a possible value function, based on the partition of the characteristics, which significantly influence the value, exists and it is generalizable to the whole set of Venetian Villas. The purpose of this paper is to contribute knowledge on the economic valuation of Venetian Villas.
Design/methodology/approach
An application of Hedonic Pricing study to a database of 71 Venetian Villas has been tested. This statistical procedure allowed the authors to discover which results in a percentage of property values can be attributed to the historical characteristics of a building. Using a multiple linear regression and its variables an analysis of residuals and data relating to the variance has been performed.
Findings
This research identifies and proposes, therefore, a valuation approach that can be generalizable to the whole set of Venetian Villas (over 4,000 properties). The models show that the most important variables which influence the value of the villas are: age, internal and external area, maintenance conditions, and author. This model could be used for future valuations of the same type of asset.
Originality/value
The model enables valuers to address better to the property valuation of the Venetian Villas through the valuation functions, which suggest which are the main features which focus in the case of a Venetian Villa valuation and what impact they have on the value asset. The model can be specifically used for valuation reports in the enhancement project of such properties.
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The evaluation of both tourism and tourist resources in China remains problematic. On the macro‐level, only the positive contributions of tourism have been evaluated, ignoring the…
Abstract
The evaluation of both tourism and tourist resources in China remains problematic. On the macro‐level, only the positive contributions of tourism have been evaluated, ignoring the aspects of disparities between the east coast and the inland area, inbound tourism and domestic tourism, nature‐based and city‐based tourism, positive and negative effects from tourism and so on. On the micro‐ and site‐ specific level, tourist resources characterised by non‐marketable and non‐use values are not properly evaluated, exposing these fragile resources to the plight of exploitation. Commercialisation of tourist resources, including natural environment and ethnic cultures, threatens further development of tourism in China. The limited applicability of the travel cost and the contingent valuation method in measuring the value of recreation sites in China is discussed.
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Luca Mulazzani, Laura Piredda, Marija Cerjak and Luca Camanzi
The objective of this study is to assess if Italian fish consumers are sensible to shark protection and if they would contribute paying more for small pelagic fishes coming from…
Abstract
Purpose
The objective of this study is to assess if Italian fish consumers are sensible to shark protection and if they would contribute paying more for small pelagic fishes coming from fisheries that are certified as “shark-free”.
Design/methodology/approach
Contingent valuation is used to estimate willingness to pay with a double approach, including a dichotomous choice and an open-ended question. Inconsistency between the two answers is allowed. This allows the correction of two sources of bias (i.e. preference uncertainty and anchoring effect) and has permitted that the two estimation methods converged to the same result.
Findings
Consumers show interest for the “shark-free” label. Premium price is estimated at +26%. Variables affecting willingness to pay (WTP) in the sample are age, income, environmental attitude, knowledge of organic labels and frequency of small pelagics' consumption. Results need to be confirmed by a replication on a larger (probabilistic) sample and with a different distribution of bids.
Originality/value
Ecosystems provide different benefits to humankind, including non-use services, such as the satisfaction to know that a species is well conserved. Generally, appreciation is higher for what are considered charismatic species. In this paper, the authors investigate if sharks can be considered charismatic species despite their “bad reputation”. The interest in shark survival is measured indirectly using a “shark-free” label on a commercial species like anchovy, allowing to increase the value added of this low-price species.
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Seungmin Nam, Sae-eun Park and Hong-Chul Shin
The purpose of this paper is to estimate an individual’s probability of preservation of the night view of Han-River bridge tax using the contingent valuation method (CVM) and to…
Abstract
Purpose
The purpose of this paper is to estimate an individual’s probability of preservation of the night view of Han-River bridge tax using the contingent valuation method (CVM) and to present the effects of 4Es on experience economy theory.
Design/methodology/approach
The on-site survey was conducted in the 11 district Han-River parks: Gwangnaru, Jamsil, Ttukseom, Jamwon, Banpo, Yeechon, Yeouido, Mangwon, Nanji, Ganseo and Yanghwa district, including 24 bridges such as Banpo, Olympic bridge during 8-9 pm around the lighting and 9-10 pm peak time of lighting.
Findings
Truncated mean willingness-to-pay indicates that the economic value of the night view of Han-River bridge is 49,575 won (about USA $50) per household, which implies the significance of the preservation value of the night view.
Research limitations/implications
This study sets a hypothetical market, and there are limitations on hypothetical bias of the dichotomous choice CVM. For the future study, a survey with a specific real payment vehicle in an attempt to reduce hypothetical bias can be a tool for the prevention of the overestimation.
Practical implications
Through the study, Seoul city has to invest aggressively on the night view landscape business of Han-River bridge, which can become a landmark and has lots of attraction for tourists. As this study’s core aim was to justify the economic value of the night view of the Han-River bridges, the estimated amount strongly supports the lighting business of the Han-River bridge.
Originality/value
The results of this research may help policy-makers of Han-River to establish practical decisions as to whether improving and preserving the Han-River’s night view lighting business are worth the value.
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Dennis van Liempd and Jacob Busch
This paper aims to suggest that companies have ethical reasons to report about biodiversity issues and to investigate whether companies act on these reasons by examining the…
Abstract
Purpose
This paper aims to suggest that companies have ethical reasons to report about biodiversity issues and to investigate whether companies act on these reasons by examining the extent of biodiversity reporting in Denmark.
Design/methodology/approach
For the first purpose, desk research was conducted using consequentialist ethics, while for the second purpose, data were gathered from the 2009‐2011 annual reports, CSR‐type reports and homepages of 24 Danish large‐cap companies.
Findings
Philosophically, it is shown that biodiversity preservation and reporting is an ethical issue, even on the assumption that biodiversity does not possess intrinsic value. Empirically, it is shown that Danish companies score poorly overall, both quantitatively and qualitatively, with regards to reporting on biodiversity.
Research limitations/implications
Even though the importance of biodiversity can be justified on different assumptions, biodiversity reporting is under‐researched offering potential for future research on a globally important issue.
Practical implications
Justifying the preservation of biodiversity from an instrumental viewpoint might convince accounting audiences that are sceptical of normative ethical argumentation based on intrinsic value. The relative lack of biodiversity reporting in Denmark shows the need for the State and accounting standard setters to address this issue together with business and other stakeholders.
Originality/value
Few studies theorize on why there is a need for environmental reporting. Those that do are based on non‐instrumental considerations. This paper gives philosophical arguments for biodiversity reporting normally outside the scope of accounting. It emphasizes how even those who deny that biodiversity has intrinsic value are morally obliged to account for biodiversity. The argument also provides novel reasons for why thinking about discount rates should be governed by pure preference considerations. Empirically, this is only the second paper examining biodiversity reporting and the first about the Danish context.
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