Value Approach Research Articles

Information Technology and Electronic Commerce Investments, Time Trends of the Speeds of Adjusting the Actual Toward the Maximum Pay, and Chief Executive Officer Compensation

This research analyzes the effects of information technology (IT) and e-commerce (EC) investments and trends of the speeds of adjusting the observed toward the desired CEO pay in US firms, based on the adjustment model and its associated adjustment valuation (AV) approach, where the adjustment speeds are assumed dynamic and variable. The findings include: the speeds of adjusting the observed toward the unobserved compensation are fast; either IT or EC appearing alone or jointly impacts CEO compensation; the trends of adjustment speeds are nonlinear and nonstationary; and overall, the US CEOs tend to underpay during the period under study; among others.

The economic value of seasonal weather and climate services for maize farmers in Manicaland Province of Zimbabwe

Most rural areas in Zimbabwe are extremely vulnerable to changing climatic conditions, particularly droughts, which threaten smallholder farmers' livelihoods. Seasonal weather forecast services can help farmers adapt, optimise production, and implement risk reduction strategies. To support increased investment in these services, this study seeks to provide quantitative evidence on the economic value of locality-specific seasonal weather forecasts by eliciting maize producers' willingness to pay (WTP) through the contingent valuation approach. The results of the study show that among 502 farmers, 68 % would pay for seasonal weather forecasts, highlighting their perceived economic value and practical utility in agricultural decision-making. On average, farmers were willing to pay one (1) United States dollar (US$1) per month for seasonal weather forecast services. Extrapolating this demand nationally, we estimate an annual economic value of around US$ 53.2 million for these services. This valuation underscores the substantial economic benefits that weather and climate services could offer to Zimbabwe's agriculture sector, justifying the case for increased resource allocation towards the delivery of location-specific weather forecasts. Using the Heckman selection model, the study further identified that maize producers' climate change perceptions, radio ownership, and prior participation in agricultural policy development significantly increased their likelihood of paying for seasonal weather forecasts. These factors highlight the role of both access to information and engagement in policy processes in shaping farmers' valuation of seasonal weather forecasts. Establishing district-level climate change dialogue platforms can significantly enhance maize producers' awareness of climate change, deepen their understanding of the value of weather forecasts, and encourage their participation in policy-making processes. By creating spaces for knowledge exchange and farmer engagement, these platforms not only support informed farm decision-making but also help tailor climate services to farmers' needs. Nevertheless, farmers from the Ndau ethnic group and those in remote areas showed reluctance to pay for seasonal weather forecasts, indicating that factors like ethnicity and remoteness affect WTP. This reluctance highlights how social marginalisation and inadequate infrastructure in remote areas limit access to weather information, thereby reducing farmers' perceived value of these services. Enhanced telecommunication infrastructure and radio signals in rural areas, especially community radios, could help to expand the access and tailoring of forecast messages in local languages, making it understandable and thus supporting informed decision-making across diverse farming communities.

Changing human–nature relationships: Insights from Guinea‐Bissau woodlands

Abstract The ecological impacts of landscape changes resulting in significant simplification of natural systems have been extensively studied worldwide. Yet, few studies have examined how such biophysical changes affect the value local communities place on nature and their relationships with it. In this study, we delve into the case of Guinea‐Bissau, where woodland cover has been increasingly replaced by commercial cashew plantations. Using a sociocultural valuation approach, our empirical research provides a comprehensive assessment of the woodlands' contributions to local communities as well as the potential disruptions caused by the ongoing biophysical changes on the woodlands. We focused on 20 villages of four different ethnic groups—Manjack, Balanta, Mandinka and Fulani—and used a combination of focus group discussions and walks‐in‐the‐woods. The study's participants identified 19 nature's contributions to people from the woodlands, which revealed a combination of instrumental, relational and intrinsic values in ways that reflect their subsistence needs and social–cultural contexts. We also found that these values are being impacted, mostly negatively, by the ongoing biophysical changes in the ‘natural’ landscapes tied to regional and global dynamics. Moreover, our study reveals that local communities are aware of ongoing biophysical changes in their woodlands and perceive them as having negative ecological and psychological consequences for them. Synthesis and applications: Our study highlights the significance of using a sociocultural perspective to investigate how changes in the landscape affect local peoples' values of nature and their relationships with it. This information can help shape policies and management decisions towards creating better futures that are meaningful for both humans and non‐humans. Read the free Plain Language Summary for this article on the Journal blog.

Valuing ecosystem services of community gardens in developing countries: a case study of Dezful City in Iran

Allotment (AGs) and community gardens (CGs) are types of urban gardens that provide diverse ecosystem services (ESs) such as climate regulation, beautiful landscapes, biodiversity and food security. Despite this, there are no AGs or CGs in many developing countries such as Iran. One of the main reasons for the lack of development of CGs in developing countries is the lack of proper understanding by policy-makers and citizens regarding the economic value of the ESs provided and the lack of disclosure of the benefits of its construction in urban areas. The purpose of this study is to analyse the preferences of citizens, to examine the existence of a potential market, to estimate the willingness to pay (WTP) for the creation and operation of CG services and to investigate the factors affecting residents’ WTP in Dezful, Iran. For this purpose, a choice experiment, based on the stated preferences valuation approach, was applied through interviews with 170 respondents living in Dezful urban area. The data were collected during the autumn of 2022 and analysed using conditional logit model. The results indicated that the responding citizens are willing to pay 4.57 USD per month to create CG and operate its ESs in Dezful. Amongst the attributes and ESs of the community garden, citizens valued cultural services the most, followed by provisioning services. In addition, the variables “age”, “being native”, “education”, “household expenditure level” and “awareness and recognition of CG ecosystem services” had a significant effect on WTP. According to the results, it is suggested to follow the policy of creating CGs with the participation of citizens instead of focusing only on the creation of urban green space with a government budget and heavy financial burden. CGs, while providing diverse ESs, can generate sustainable incomes for municipalities and accelerate the movement toward sustainable urban development.

A simulation optimization approach for weight valuation in analytic hierarchy process

The analytic hierarchy process (AHP) is a structured technique used to analyze complex decision-making situations such as resource allocation, benchmarking, and quality management. In the weight valuation step of using AHP to select the best design, pairwise comparison matrices are used to calculate the local priorities for designs that have contentious and unresolved criticisms. In this study, we propose a Bayesian approach using a Dirichlet-multinomial model to estimate local priorities during weight valuation. Experts are only asked to select the best design with respect to predetermined criterion. Subsequently, local priorities are estimated without pairwise comparison matrices. To improve the efficiency of the AHP, we propose two expert allocation policies (AHP-KG and AHP-AKG) based on the ranking and selection procedures. Our numerical results show that the proposed AHP-KG and AHP-AKG policies outperform pure exploration and proportional allocation policies.

The Shadow Prices of Voluntary Caregiving: Using Well-Being Panel Data to Estimate the Cost of Informal Care

Abstract This article uses the well-being valuation (WV) approach to estimate and monetize the well-being impacts of informal care provision on caregivers. Using nationally representative longitudinal data from the UK, the British Household Panel Survey, we address two challenging methodological issues related to the economic valuation of informal care: (i) the anticipatory nature of informal care; and (ii) the sensitivity of income estimates used in valuation. We address the anticipatory issue by focusing on well-being impacts associated with caring for a relative who had recently suffered a serious accident. We use the fixed effects filtered (FEF) estimator to estimate a “time-invariant income” coefficient free from individual fixed effects bias, which helps to partially improve the quality of the income estimate as an alternative to using instrumental variables. This estimate is used in the calculation of shadow prices of informal care. Our estimates suggest that, focusing on the first year of unanticipated care provision, those experiencing the well-being losses from providing unanticipated informal care would be willing to pay approximately £13,167 on average to avoid it.

A Classification and Interpretation of Methodological Approaches to Pursue Natural Capital Valuation in Forest Research

This paper reviews natural capital (NC) valuation approaches in the context of woodland, forest, and riparian ecosystems, emphasising the need for participatory methods to take priority over neoclassical economics approaches. Focusing on research carried out in Scotland, the study analyses findings according to a classification of natural capital initiatives that we have developed, building on ideas proposed by the UK ENCA initiative, a guideline proposed to help researchers and practitioners understand NC and take it into account in valuation, decision-making and policy. We have found that landscape-scale initiatives that address the relationships between people and place to inform value and decision-making beyond the economic (monetary) benefits generated by ecosystem services (ES) are becoming popular. For instance, recent methods employed to capture stakeholders’ non-utilitarian preferences include the use of participatory GIS mapping, scenario planning, and other participatory methods to identify, explore and quantify less tangible cultural ecosystem services (CES). The review shows that many studies provide information relevant to the formulation of a place-based NC approach, working towards the integration of contextual and relational values into land management decisions to help formulate management strategies that maximise ES delivery. Conversely, we have not found evidence of the integration of shared values arising from an eco-centric perspective of nature valuation into the more classical, instrumental value lens. Such an approach would help inform broader, overarching aspects of woodland and forest management that may foster more effective conservation and help to manage conflicts.

Misconceptions about the valuation of ecosystem services

The concept of ecosystem services – the benefits humans derive from functioning ecosystems – has been around for at least 4 decades. Attempts to value those services in monetary and other units have been around for just as long. However, several misconceptions have sprung up about ecosystem services, and especially the valuation of those services in monetary units, that are counterproductive to further dialogue, research, and solutions. This paper attempts to address some of those misconceptions, including showing that: (1) ecosystem services is not an anthropocentric concept; (2) economics is not only the market; (3) valuation is not commodification or privatization; (4) expressing relative values in monetary units is not necessarily ‘market-based’; (5) in a world of trade-offs, whether to perform a valuation is not a choice since it happens implicitly; (6) ‘intrinsic values’ are about rights, not relative valuation; and (7) relative valuation and rights-based approaches are complimentary not mutually exclusive. I address each of these misconceptions in turn and end with a plea for constructive dialogue on these important issues, not continuing unproductive debate founded on fundamental misconceptions.

Impacts of commercial and subsistence fishing on marine and cultural ecosystem services important to the wellbeing of an Indigenous community in Hawai'i

Marine ecosystems provide essential services to coastal residents, particularly for indigenous fishing communities that have strong ties to the environment and obtain multiple benefits from their use and management of ocean spaces. However, understanding of how these are impacted by fisheries, external pressures, and ocean management, remains limited due to a focus on economic valuation and aggregated metrics. This study explores the importance of select marine ecosystem services to the wellbeing of an indigenous community in West Hawaiˈi and the observed impacts on these ecosystem services by commercial and subsistence fishing. We used a mixed-methods approach that combined a workshop with an online survey of community perceptions regarding community important marine resources and cultural values. We find that both fish and non-fish species are important to all four well-being categories, including food security, culture, mental wellbeing, and income, though the least importance was given to the economic value. This study also found that commercial fishing is perceived to have a higher negative impact on marine resources and cultural values than subsistence fishing, but a generally lower impact on non-fish than fish species. The lack of community input into legislation development and a lack of enforcement capacity were perceived to aggravate these further, whereas the integration of place-based knowledge, values and rules of the environment was seen as beneficial to both marine and cultural ecosystem services. Overall, this study shows that non-economic and disaggregated valuation approaches are critical for revealing the variable ecosystem services that marine environments provide to local communities and the importance of more inclusive resource management approaches to manage impacts on these services.

Analytically pricing volatility options and capped/floored volatility swaps with nonlinear payoffs in discrete observation case under the Merton jump-diffusion model driven by a nonhomogeneous Poisson process

In this paper, we introduce novel analytical solutions for valuating volatility derivatives, including volatility options and capped/floored volatility swaps, employing discrete sampling within the framework of the Merton jump-diffusion model, which is driven by a nonhomogeneous Poisson process. The absence of a comprehensive understanding of the probability distribution characterizing the realized variance has historically impeded the development of a robust analytical valuation approach for such instruments. Through the application of the cumulative distribution function of the realized variance conditional on Poisson jumps, we have derived explicit expectations for the derivative payoffs articulated as functions of the extremum values of the square root of the realized variance. We delineate precise pricing structures for an array of instruments, encompassing variance and volatility swaps, variance and volatility options, and their respective capped and floored variations, alongside establishing put-call parity and relationships for capped and floored positions. Complementing the theoretical advancements, we substantiate the practical efficacy and precision of our solutions via Monte Carlo simulations, articulated through multiple numerical examples. Conclusively, our analysis extends to the quantification of jump impacts on the fair strike prices of volatility derivatives with nonlinear payoffs, facilitated by our analytic pricing expressions.

Willingness to pay for cataract surgery and its associated factors in selected medical centers in Urmia, Iran

IntroductionCataracts represent a significant public health issue and are the most prevalent vision disorder following refractive errors. They can restrict the economic, social, and psychological activities of those affected, thereby diminishing their quality of life. This study was undertaken to examine the willingness to pay for cataract surgery and the factors influencing this decision in selected medical centers in Urmia. The two-stage Heckman model was utilized to aid decision-making in financing this service.MethodsThis research was a descriptive-analytical study evaluating the economic aspects of health interventions, conducted from the patient’s perspective. In this cross-sectional study, a sample size of 217 patients with cataract issues was selected using Michel Carson’s table. These patients were from Imam Khomeini Hospital and Aftab Urmia Surgery Center in 2023. Data was collected using a conditional valuation approach to determine the maximum amount patients were willing to pay, as gathered through a questionnaire. The factors influencing the willingness to pay for cataract surgery were estimated using the two-stage Heckman regression model. The final effect value of each variable was calculated using Stata version 14 software.ResultsIn this study, 81.11% of participants (176 individuals) expressed a willingness to pay for cataract surgery, with the average amount they were willing to pay being $206.3. However, out of the 217 respondents, 41 rejected the proposed amounts and were not willing to pay anything. The results of the Hemken model indicated that the income of patients and the size of their households significantly influenced their willingness to pay for cataract surgery. However, other variables investigated did not have a significant impact.ConclusionThe study results revealed a significant influence of both income and household size on the likelihood of willingness to pay, as well as the extent of willingness to pay for cataract surgery. Consequently, it is crucial to formulate policies and provisions that guarantee access to cataract services, particularly for individuals from large households with low income and high costs.

Enhancing agricultural land valuation in land consolidation projects through cooperative game theory and genetic algorithm optimization

The purpose of land valuation in land consolidation projects is to determine the relative value between lands of different quality, location and etc. This principle is crucial for ensuring fairness and justice among participants. Efficient land utilization and rural progress are hindered by the fragmentation of agricultural lands, necessitating land consolidation. However, fair valuation of parcels remains a challenge, impeding the success of consolidation efforts. This study delves into the intricate issues related to land consolidation and complex dynamics of decision-making in agricultural land valuation. This study aims to address the challenge of fair valuation in land consolidation projects by introducing a novel methodology that integrates cooperative game theory with metaheuristic algorithms. The goal is to increase the likelihood of stakeholders accepting land consolidation schemes by utilizing the interactive components of the decision-making process. This approach takes into account individual preferences of land owners and utilizes game theory to model competition, interaction, and cooperation among them. Central to this concept are genetic algorithm, which plays a key role in producing diverse solutions taking into account various landowners' priorities. A case study in Fartan village, Esfarayen city, Iran, is conducted to evaluate the effectiveness of the method. Two scenarios are examined: one combining unanimity fallback bargaining technique with Nash bargaining, and another incorporating fallback bargaining with impasse technique with Nash bargaining. Upon comparative analysis, the second scenario proves to be better in ensuring equity among stakeholders. It encourages landowners to negotiate decisively, using a process that integrates fallback bargaining with impasse and Nash bargaining, taking into account the varying levels of each owner's negotiation power in both steps. This ensures a negotiated outcome that respects the diverse priorities of each landowner. This scenario considers variations in individual negotiating power not only in Nash bargaining step but also in fallback bargaining and ensures a comprehensive and fair decision-making process during land valuation. This research introduces a novel strategy to enhance group decision-making in agricultural land valuation, fostering stakeholders' agreement and facilitating successful land consolidation projects. The proposed method provides a land valuation approach that can receive high degree of farmers' agreement and provides a good base to enter the next stages of the land consolidation.

A Systems Engineering Approach to Incorporate ESG Risks and Opportunities in Early-Stage Mine Design and Planning

This study examines how ESG risks and opportunities can be systematically identified, assessed, and incorporated into the early-stage design and planning of natural resources projects. The focus for this study will be on the mining activities required to source the resources for the global decarbonization effort. The need for a framework to incorporate ESG risks and opportunities into the strategic mine planning process was first identified in the de Beers Sustainability Valuation Approach. The Social Value Capital Decision Model advanced by BHP represents an advance on the de Beers model. This is the first example of a structured methodology for systematically considering stakeholder values and incorporating these into the capital decision framework. To test the applicability of a new approach to mine design by using Quality Function Deployment (QFD), a case study involving a copper mine located in South America was developed. This case study demonstrates how QFD can provide clear line-of-sight to connect design decisions with priority stakeholder concerns. The framework provides a communications tool for aligning the ESG design process across functional silos within complex organizations. The development of appropriate software tools could assist in managing the inherent complexity associated with integrating stakeholder value concerns into early stage design decisions.

Navigating Reversed Valuation Dilemmas: SME Enterprises Nationalized in 1950s Poland - A Case Study

The publication describes a problem that often arises in court cases regarding the valuation of SME forcibly nationalized in the 1950s. Valuation of compensation to previous SME owners is an ongoing court debate in Poland. The authors proposed an approach that took into account the economic conditions at that time and complied with the principle of paying compensation for the actual losses incurred, and not for the potential losses that could be incurred as a result. At the same time, the publication analysed other similar judgments in cases regarding compensation for nationalized enterprises. The practical and scientific value of the publication lies in the fact that it addresses an existing practical problem and its solution. Research Design & Methods: the paper presents a conceptual proposal of the SME valuation method in unique circumstances, complemented by a detailed case study illustrating the application of this valuation approach. Findings: When calculating the compensation for nationalization or other forms of expropriation courts use various methods of valuing net assets (fair market value, book value, recreation value) plus separately determine the value of intangibles, such as licenses, based on the discounted average profits from such assets for a reasonable period of time. If indexation was employed (for historical cost valuation), it used either average interest rates in the economy, the cost of capital of a company, or the cost of lost opportunities for a particular company. Using discounted cash flow valuation for the entire business was uncommon and even if it was included in the bilateral investment treaties (which were meant to protect investors from expropriation) it was considered by the tribunals as speculative and unreliable. Our approach proposes net asset value approach with the use of inflation or average salaries for indexation (to calculate current values of assets) and a combined approach of historical values if they were known at the moment of nationalization and modern estimates of values of remaining assets (that belonged to the company but their value was not provided in the original documentation). Implications & Recommendations: The analysis of historical compensation decisions and bilateral investment treaties suggests that the most popular approach to valuing a loss from expropriation is the fair market value approach and net assets approach with a separate valuation of significant intangible assets provided that they gave certainty of profits for the investor. Contribution & Value Added: The practical and scientific value of the publication lies in the fact that it presents an existing practical problem of court calculation of compensations to owners of forcibly nationalized SMEs in Poland and its solution together with methodological framework that can be used in the future

A novel approach for health state valuation: Multiple bounded dichotomous choice compared to the traditional standard gamble

Objectiveto assess the feasibility of a new stated preference approach, the multiple bounded dichotomous choice (MBDC), designed to generate value sets for preference-based measurement of health-related quality of life. MethodsMBDC and standard gamble (SG) tasks were completed to derive SF-6Dv2 value sets from a sample of the general population in Quebec, Canada. Participants were randomized between the two approaches: 6 health states were evaluated in SG and 11 health states in MBDC. Several models were used to estimate data in each approach, and the preferred models were chosen by using mean absolute error (MAE), logical consistency of parameters, and significance levels. Results of MBDC were compared with SG in terms of acceptability (self-reported difficulty and quality levels in answering, and completion time), consistency (monotonicity of model coefficients), accuracy (standard errors), dimensions coefficient magnitude, correlation between the value sets estimated, and the range of estimated values. The intra-class correlation coefficient (ICC) was computed to assess value sets' consistency. ResultsOut of 655 individuals who completed MBDC tasks and 828 who completed SG tasks, a total of 585 participants for MBDC and 714 for SG tasks were included for analysis. The preferred models for both approaches were GLS Tobit. No significant difference was observed in self-reported difficulties and qualities in answers among approaches, but MBDC had less excluded participants and was less prone to report difficulties in answering. Additionally, completion time in the MBDC group was significantly lower (99.80 vs 68.12 s). Most standard errors in the MBDC were lower than those in SG, and the number of non-significant parameters was also lower. The range of utility values generated by MBDC tended to be wider (−0.372 to 1) than those generated by the SG (−0.137 to 1) and the number of worse-than-dead states in MBDC (0.91%) was higher than for SG (0.08%). The Pain dimension was identified as the most significant, while the Vitality dimension showed the lowest significant decrement. Both approaches exhibited a tendency to overestimate severe health state values and underestimate better health state values. The correlation and ICC between the two value sets were 0.937 and 0.983, respectively. ConclusionBased on empirical evidence, it can be inferred that the MBDC method is not only feasible but also holds the potential to generate meaningful and well-informed preference data from respondents. This approach can be used to derive a value set for preference-based instrument.

Economic Value of Unpaid Family Caregiver Time Following Hospital Discharge and at End of Life

ContextFamily caregivers (FCGs) play a crucial role in care for people with serious illness, yet unpaid care is often overlooked in estimates of care recipient (CR) care costs. ObjectivesThis study quantifies the economic value of unpaid caregiving by FCGs between hospital discharge and end of life. MethodsTrial participants were rural FCGs of CRs receiving palliative care during hospitalization. Caregiving hours were self-reported by FCGs over six months following hospital discharge. Economic value was assigned to hours based on wage data from the United States Bureau of Labor Statistics. Time was valued using 1) home health aide wages (proxy cost), 2) median national wage by FCG sex and education level (opportunity cost), 3) opportunity cost if employed and proxy cost otherwise (combination cost). ResultsOf 282 FCGs, 94% were non-Hispanic White, 71% were female, 71% had a college degree, and 51% were in the workforce. FCGs of decedents (58%) compared to survivors reported significantly more caregiving hours per person-month (392 vs. 272), resulting in higher estimated economic value per person-month using opportunity ($12,653 vs. $8843), proxy ($5689 vs. $3955), and combined costing methods ($9490 vs. $6443) ConclusionThis study informs more complete economic evaluations of palliative care by estimating the economic value of unpaid caregiving. The high intensity of unpaid caregiving for people with serious illness, especially toward the end of life, should be considered when designing policies and interventions to support FCGs. Better methods for approximating economic value are needed to address potential inequities in current valuation approaches.

Efficient valuation of variable annuities under regime-switching jump diffusion models with surrender risk and mortality risk

We present an efficient valuation approach for guaranteed minimum accumulation benefits (GMABs), guaranteed minimum death benefits (GMDBs), and surrender benefits (SBs) embedded in variable annuity (VA) contracts in a regime-switching jump diffusion model. We incorporate into the contract the risks of mortality and surrender, with these events generally monitored discretely over the life of the policy. Using a combination of the continuous-time Markov chain (CTMC) approximation and the Fourier cosine series expansion (COS) method, we determine that the valuation problem can be resolved within a regime-switching jump diffusion framework. Extensive numerical experiments showcase the efficiency of the proposed method, which proves to be more advantageous when compared to existing approaches like Monte Carlo (MC) simulation. The thorough analysis explores how model parameters affect the valuation outcomes.

Comparing individual and collective valuation of ecosystem service tradeoffs: A case study from montane forests in southern California, USA

Accounting for the tradeoffs and importance urban, disadvantaged communities place on ecosystem services has implications for the management of nearby forests. Although stated preference valuation approaches are often used, they are based on an individual’s perspective and rarely account for collective or societal values. Thus, alternative methods are needed to capture this dichotomy from urban communities who may not even be aware of these benefits to themselves or society at-large. We explored individual and collective importance of, and tradeoffs for, ecosystem services (ES) and ecosystem disservices (ED) by urban residents living near montane forests in greater Los Angeles, California, USA. Using an online panel survey, individual (I-rationality) versus collective (We-rationality) scenarios, best-worst scaling (BWS) choice experiments, and latent class analyses, we ranked the importance and tradeoffs among ES-ED attributes tonearby residents based on the frequency of visits to montane forests as well as Hispanic ethnicity. Results show statistically significant tradeoffs and differences in importance rankings between individual versus collective valuation scenarios. Under the individual valuation scenario, non-Hispanics highly ranked the high forest density indicator, which has implications for wildfire EDs to montane forests and communities. Gender and income were more influential sociodemographic factors affecting importance for water and recreation-related ES than was education. Our BWS and econometric methods, attributes, and importance rankings can facilitate participatory processes with diverse urban communities and designing more effective policies and management guidelines. This approach canalso more inclusively, and equitably, account for the tradeoffs and values that nearby urban communities place on ES/ED from Wildland-Urban Interface forests.

Estimating the Health-Related Quality of Life Benefit of Prophylactic Treatment for COVID-19 in Immunocompromised People: A Multimethod Valuation Study.

Background: Pre-exposure prophylaxis (PrEP) for COVID-19 provides additional protection, beyond vaccines alone, for individuals who are immunocompromised (IC). This may reduce the need for preventative behavioral modification, such as shielding-a behavioral restriction limiting an IC individual to minimize face-to-face interactions and/or crowded places. Therefore, PrEP may improve psychosocial well-being and health-related quality of life (HRQoL) for individuals with IC conditions. Objective: To estimate the potential HRQoL and utility benefit of PrEP for prevention of COVID-19 in individuals with IC conditions who may not have an adequate response of full vaccination (and therefore are at "highest risk" of severe COVID-19) that can be used in future economic evaluations of preventative therapies against COVID-19. Methods: Vignettes describing HRQoL associated with 2 pre-PrEP states (shielding and semi-shielding behavioral restrictions) and a post-PrEP state were developed from a literature review and tested through interviews with clinicians (n = 4) and individuals with IC conditions (n = 10). Vignettes were valued by a general population sample (N = 100) using a visual analog scale (VAS), time trade-off (TTO), and EQ-5D-5L. A sample of individuals with IC conditions (n = 48) valued their current HRQoL and a post-PrEP vignette using VAS and EQ-5D-5L. Results: Individuals with IC conditions reported a mean current EQ-5D-5L score of 0.574, and 0.656 for post-PrEP based on the vignette. PrEP would lead to behavior changes for 75% (30/40) of individuals with IC conditions and an emotional benefit for 93% (37/40) of individuals with IC conditions. Mean values from the general population valuation based on EQ-5D-5L ranged from 0.606 ("shielding") to 0.932 ("post-PrEP"). Conclusion: This study quantified the expected health state utility benefit of reduced psychosocial burden and behavioral restriction. PrEP would potentially result in a utility gain between 0.082 and 0.326, dependent on valuation approach and expected change in behavioral restrictions, leading to improvements in daily activities and emotional well-being.

Willingness to Pay for Agricultural Soil Quality Protection and Improvement

Understanding and estimating the economic value that society places on agricultural soil quality protection and improvement can guide the development of policies aimed at mitigating pollution, promoting conservation, or incentivizing sustainable land management practices. We estimate the general public’s willingness to pay (WTP) for agricultural soil quality protection and improvement in Spain (n = 1000) and the UK (n = 984) using data from a cross-sectional survey via Qualtrics panels in March–April 2021. We use a double-bound dichotomous choice contingent valuation approach to elicit the individuals’ WTP. We investigate the effect of uncertainty on the success of policies aiming at achieving soil protection. In addition, to understand the heterogeneity in individuals’ WTP for agricultural soil quality protection and improvement, we model individuals’ WTP through individuals’ awareness and attitudes toward agricultural soil quality protection and the environment; trust in institutions; risk and time preferences; pro-social behavior; and socio-demographics in Spain and the UK. We found that there is significant public support for agricultural soil quality protection and improvement in Spain and the UK. We also found that the support does not vary significantly under uncertainty of success of policies aiming at achieving soil protection. However, the individual’s reasons for supporting agricultural soil quality protection and improvement are found to depend on the level of uncertainty and country. Hence, promoting public support for soil protection needs to be tailored according to the level of the general public’s perceived uncertainty and geographic location.