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Crowdfunding - revealing preferences for environmental goods

Frey, Ulrich J (2018) Crowdfunding - revealing preferences for environmental goods. Management of Environmental Quality. Emerald Group Publishing Ltd.. DOI: https://doi.org/10.1108/MEQ-05-2018-0086 ISSN 1477-7835

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Abstract

Purpose A major problem in environmental economics is to estimate the monetary value of non-market goods. This is especially relevant for environmental goods. To assess their non-use value, different approaches have been used measuring stated and revealed preferences. However, both methodologies are associated with criticism. The purpose of this paper is to propose a new method to estimate non-use values of environmental goods, i.e., to calculate revealed preferences in crowdfunded projects. Design/methodology/approach Since millions of individuals invest in various crowdfunded projects, the willingness to pay (WTP) can be robustly derived for any kind of project. Here, data on 19 projects on three endangered species are collected from various crowdfunding platforms. Findings With the new method introduced to estimate the monetary value of non-market goods, the WTP could be determined for a number of projects. Across projects, the average WTP per person is $42 for dolphins, $45 for falcons and $38 for butterflies. This new approach is validated by comparing these values to a meta-analysis of contingent valuation studies reporting on average $42 for dolphins, $37 for falcons and $24 for butterflies. Research limitations/implications The limitation of this study is the small number of projects which are for demonstration only. Practical implications Validating this method by a comparison with a meta-analysis of contingent valuation shows that estimating WTP via crowdfunding may serve as a new instrument. Given the large number of subjects and diversity of projects in crowdfunding, a robust WTP could be derived for many topics in the future. Originality/value A new method to estimate the monetary value of non-market goods is introduced. Estimating the WTP via crowdfunded projects makes it possible to measure revealed preferences for a large variety of environmental and other projects.

Item URL in elib:https://elib.dlr.de/124593/
Document Type:Article
Title:Crowdfunding - revealing preferences for environmental goods
Authors:
AuthorsInstitution or Email of AuthorsAuthors ORCID iD
Frey, Ulrich Julrich.frey (at) dlr.dehttps://orcid.org/0000-0002-9803-1336
Date:2018
Journal or Publication Title:Management of Environmental Quality
Refereed publication:Yes
Open Access:No
Gold Open Access:No
In SCOPUS:Yes
In ISI Web of Science:No
DOI :https://doi.org/10.1108/MEQ-05-2018-0086
Publisher:Emerald Group Publishing Ltd.
ISSN:1477-7835
Status:Published
Keywords:Willingness to pay, Non-use value, Crowdfunding, Contingent valuation, Environmental goods, Revealed preferences
HGF - Research field:Energy
HGF - Program:Technology, Innovation and Society
HGF - Program Themes:Renewable Energy and Material Resources for Sustainable Futures - Integrating at Different Scales
DLR - Research area:Energy
DLR - Program:E SY - Energy Systems Analysis
DLR - Research theme (Project):E - Systems Analysis and Technology Assessment
Location: Stuttgart
Institutes and Institutions:Institute of Engineering Thermodynamics > Systems Analysis and Technology Assessment
Deposited By: Frey, Ulrich
Deposited On:20 Dec 2018 14:15
Last Modified:20 Dec 2018 14:15

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