The Benefits of building barrier-free: a contingent valuation of accessibilty as an attribute of housing

Estimating the social benefits of barrier-free building has always required indirect solutions, such as calculating the savings in social services, hospitalisation or adaptations made possible by the increase in accessibility. This research uses the Contingent Valuation Method to gain a direct appraisal of the benefits from barrier-free housing. When comparing two similar dwellings, with the only difference being their accessibility conditions, the 1,007 randomly chosen households that answered the direct survey would pay, on average 12.5 per cent more for being barrier-free. None of the different appraisals made on accessibility costs reaches 5 per cent. This confirms the social profitability of building without barriers and shows the potential size of the private market for those housing developers that meet the demand. Accessibility is a general concern, an economic good or attribute that most households value, irrespective of the physical conditions of their members.

Valuation of defaultable bonds and debt restructuring

In this paper we develop a contingent valuation model for zero-coupon bonds with default. In order to emphasize the role of maturity time and place of the lender’s claim in the hierarchy of debt of a firm, we consider a firm that issues two bonds with different maturities and different seniorage. The model allows us to analyze the implications of both debt renegotiation and capital structure of a firm on the prices of bonds. We obtain that renegotiation brings about a significant change in the bond prices and that the effect is dispersed through different channels: increasing the value of the firm, reallocating payments, and avoiding costly liquidation. Moreover, the presence of two creditors leads to qualitatively different implications for pricing, while emphasizing the importance of bond covenants and renegotiation of the entire debt.

For public service or money: Understanding geographical imbalances in the health workforce in Ethiopia

Geographical imbalances in the health workforce have been a consistent feature of nearly all health systems, and especially in developing countries. In this paper we investigate the willingness to work in a rural area among final year nursing and medical students in Ethiopia. Analyzing data obtained from contingent valuation questions, we find that household consumption and the student s motivation to help the poor, which is our proxy for intrinsic motivation, are the main determinants of willingness to work in a rural area. We investigate whoe is willing to help the poor and find that women are significantly more likely than men. Other variables, including a rich set of psychosocial characteristics, are not significant. Finally, we carry out some simulation on how much it would cost to make the entire cohort of starting nurses and doctors chooseto take up a rural post.

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

El valor de uso recreativo de los espacios naturales protegidos. Una aplicación de los métodos de valoración contingente y del coste del viaje

En este articulo se presenta una aplicación de dos de las metodologías desarrolladas para medir los beneficios que se derivan del uso recreativo de los bienes ambientales en ausencia de mercado, el método del coste del viaje (MCV) y el de valoración contingente (MVC). La zona objeto de estudio ha sido el Parque Nacional de "Aigüestortes y Estany de Sant Maunici", situado en el pirineo catalán. El trabajo se ha estructurado de la forma siguiente. Tras una breve introducción, en los apartados Il y III se expone el modelo teórico de ambas metodologías de valoración, se analiza su aplicación y se comentan los principales problemas derivados de su uso. En los apartados IV y V se muestran los resultados obtenidos mediante ambas técnicas de valoración. En el apartado VI se comparan los resultados y se discuten algunos problemas metodológicos derivados de su aplicación haciendo hincapié en la sensibilidad de los mismos alas hipótesis consideradas. Finalmente el trabajo termina con unas reflexiones a modo de conclusión.

Ecological conflicts and valuation - mangroves vs. shrimp in the late 1990s

Shrimps are produced in two different ways. They are fished in the sea (sometimes at the cost of turtle destruction) or they are "farmed" in ponds in coastal areas. Such aquaculture is increasing around the world as shrimps become a valuable item of world trade. Mangrove forests are sacrificed for commercial shrimp farming. This paper considers the conflict between mangrove conservation and shrimp exports in different countries.Who has title to the mangroves, who wins and who loses in this tragedy of enclosures? Which languages of valuation are used by different actors in order to compare the increase in shrimp exports and the losses in livelihoods and in environmental services? The economic valuation of damages is only one of the possible languages of valuation which are relevant in practice. Who has the power to impose a particular language of valuation?

Environmental conflicts, environmental justice and valuation

In this article some historical and contemporary environmental conflicts are described. The international environmental liability of mining corporations is discussed. Comparisons are made with conflicts in the United States and in South Africa which fall under the rubric of the Environmental Justice movement. Such conflicts are fought out in many languages, and the economic valuation of damages is only one of such languages. Who has the power to impose particular languages of valuation? Who rules over the ways and means of simplifying complexity, deciding that some points of view are out of order? Who has power to determine which is the bottom-line in an environmental discussion?

Commuters' valuation of travel time variability in Barcelona

The value given by commuters to the variability of travel times is empirically analysed using stated preference data from Barcelona (Spain). Respondents are asked to choose between alternatives that differ in terms of cost, average travel time, variability of travel times and departure time. Different specifications of a scheduling choice model are used to measure the influence of various socioeconomic characteristics. Our results show that travel time variability.

Avaluació Ambiental/ L'évaluation environnementale

L'objectiu d’aquesta fitxa tècnica és la difusió de la metodologia Anàlisi de Cicle de Vida, ACV, com a mètode per avaluar ambientalment l’agricultura ecològica, detectar els punts febles i aportar alternatives. Els estudis d’ACV utilitzen la metodologia proposada per les normatives ISO (ISO-14040, 2006; ISO-14044, 2006). Els estudis previs que l’han aplicat avalen la metodologia, mostrant que l’eina ACV reuneix les característiques d’objectivitat i transparència per a l’estudi de l’impacte ambiental de la producció agrària ecològica. Existeixen, però, aspectes metodològics poc desenvolupats que requeriran de futura recerca i que resumim en aquesta fitxa. Aspectes principalment relacionats amb la necessitat de bases de dades locals per una correcta realització dels inventaris i consens en les metodologies per anàlisis d’impactes relacionats principalment amb l’ús del sòl, biodiversitat i toxicitat.

Évaluation des Conférences ministérielles euro-méditerranéennes de Valence, Crète, Naples et Dublin

La Conférence inaugurale de Barcelone a marqué, en novembre 1995, le début d'un long processus de rapprochement et de solidarité entre 27 partenaires (35 pays depuis le 1er mai 2004 et 37 à moyen terme). Cette initiative est censée revêtir un caractère permanent et évolutif sous l'angle institutionnel. De par sa dimension stratégique, le Processus de Barcelone, ci-après Processus, constitue l'instrument le plus important et le plus concret pour le dialogue et la coopération entre l'Union européenne (UE), ses Etats membres et les partenaires méditerranéens2. Pour être efficace, et pas uniquement rhétorique ou virtuel, le Partenariat euro-méditerranéen, ci-après Partenariat, doit se bâtir sur des valeurs universelles, capables de garantir un minimum de cohérence et de crédibilité à un projet extrêmement complexe, fragile et, par sa propre nature, constamment menacé de paralysie. En effet, il n'est pas toujours aisé de faire prévaloir des actions à caractère centripète aux tentations et tendances centrifuges qui caractérisent la région. Les changements et les événements exceptionnels survenus récemment, tant dans le domaine international qu'au sein de l'Union, ont rendu nécessaires l'approfondissement et le renforcement institutionnel des relations euro-méditerranéennes. Le Processus est appelé à se consolider d'urgence, pour être compris et accepté par une opinion publique de plus en plus sceptique et déconcertée par l'actualité internationale. La récente création de l'Assemblée parlementaire euro-méditerranéenne (APEM) - qui sera dotée de trois commissions permanentes3 - et la constitution prochaine à Alexandrie de la Fondation Euromed pour le dialogue entre les cultures et les civilisations, représentent des réponses logiques et encourageantes à cet état d'esprit plus ou moins généralisé

Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless,there is almost no issuance today. Using hand-collected archival data, we examine thefirst known case of large-scale use of state-contingent sovereign debt in history. Philip IIof Spain entered into hundreds of contracts whose value and due date depended onverifiable, exogenous events such as the arrival of silver fleets. We show that this allowedfor effective risk-sharing between the king and his bankers. The data also stronglysuggest that the defaults that occurred were excusable they were simply contingenciesover which Crown and bankers had not contracted previously.

Cashing by the hour: Why large law firms prefer hourly fees over contingent fees

Large law firms seem to prefer hourly fees over contingent fees. Thispaper provides a moral hazard explanation for this pattern of behavior.Contingent legal fees align the interests of the attorney with those ofthe client, but not necessarily with those of the partnership. We showthat the choice of hourly fees is a solution to an agency problem withmultiple principals, where the interests of one principal (law firm)collide with the interests of the other principal (client).