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Appears in Collections:Economics Working Papers
Peer Review Status: Unrefereed
Title: On the Use of Subjective Well-Being Data for Environmental Valuation
Authors: Ferreira, Susana
Moro, Mirko
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Citation: Ferreira S & Moro M (2009) On the Use of Subjective Well-Being Data for Environmental Valuation. Stirling Economics Discussion Paper, 2009-24.
Keywords: environmental valuation
hedonic pricing
subjective well-being
life satisfaction
air pollution
JEL Code(s): D1
Issue Date: Dec-2009
Series/Report no.: Stirling Economics Discussion Paper, 2009-24
Abstract: This paper explores the potential of using subjective well-being (SWB) data to value environmental attributes. A theoretical framework compares this method, also known as the lifesatisfaction approach, with the standard hedonic pricing approach, identifying their similarities and differences. As a corollary, we show how SWB data can be used to test for the equilibrium condition implicit in the hedonic approach (i.e., equality of utility across locations). Results for Ireland show that the equilibrium condition required by the hedonic pricing approach in Irish markets does not hold. They also show that air quality, in the baseline specification, and warmer climate, across all the specifications, have a significant positive impact on SWB. Their associated monetary estimates, however, seem too large.
Type: Working or Discussion Paper
Affiliation: University of Georgia

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