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Article
Publication date: 1 January 1997

H.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…

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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.

Details

International Journal of Social Economics, vol. 24 no. 1/2/3
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 16 November 2015

Dousa Daneshdoust

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.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 5 no. 3
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 8 July 2014

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.

Details

Sport, Business and Management: An International Journal, vol. 4 no. 3
Type: Research Article
ISSN: 2042-678X

Keywords

Article
Publication date: 1 July 1997

P.J. Stanton and P.A. Stanton

Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which…

2900

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.

Details

International Journal of Social Economics, vol. 24 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 1 December 2005

Gamini Herath

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…

8217

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.

Details

International Journal of Social Economics, vol. 32 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 5 October 2017

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.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 7 no. 4
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 1 March 1998

Jie Wen

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…

8140

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.

Details

International Journal of Social Economics, vol. 25 no. 2/3/4
Type: Research Article
ISSN: 0306-8293

Keywords

Open Access
Article
Publication date: 16 March 2021

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…

1661

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.

Details

British Food Journal, vol. 123 no. 13
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 3 August 2015

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.

Details

International Journal of Culture, Tourism and Hospitality Research, vol. 9 no. 3
Type: Research Article
ISSN: 1750-6182

Keywords

Article
Publication date: 14 June 2013

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…

3026

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.

Details

Accounting, Auditing & Accountability Journal, vol. 26 no. 5
Type: Research Article
ISSN: 0951-3574

Keywords

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