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Budget constraint and the valuation of environmental impacts in Thailand

The international journal of life cycle assessment, 2017-11, Vol.22 (11), p.1678-1691 [Peer Reviewed Journal]

Springer-Verlag Berlin Heidelberg 2016 ;The International Journal of Life Cycle Assessment is a copyright of Springer, 2017. ;ISSN: 0948-3349 ;EISSN: 1614-7502 ;DOI: 10.1007/s11367-016-1210-x

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  • Title:
    Budget constraint and the valuation of environmental impacts in Thailand
  • Author: Kaenchan, Piyanon ; Gheewala, Shabbir H.
  • Subjects: Accounting ; Biodiversity ; Biofuels ; Budgets ; Cost benefit analysis ; Damage ; Decision making ; Earth and Environmental Science ; Economic analysis ; Ecosystems ; Environment ; Environmental assessment ; Environmental Chemistry ; Environmental Economics ; Environmental Engineering/Biotechnology ; Environmental impact ; Environmental management ; Promoting Sustainability in Emerging Economies via Life Cycle Thinking
  • Is Part Of: The international journal of life cycle assessment, 2017-11, Vol.22 (11), p.1678-1691
  • Description: Purpose This study aims to develop a valuation scheme for environmental impacts in Thailand. This would assist in integrating environmental concerns into economic assessment tools such as cost-benefit analysis (CBA), system of environmental-economic accounting (SEEA), etc., which could be used in policymaking. Methods The damage categories considered are human health and ecosystem quality. The value of a quality-adjusted life year (QALY) measuring damage to human health is estimated using the budget constraint approach. The value of a biodiversity-adjusted hectare year (BAHY) measuring damage to ecosystems is calculated relatively to the value of a QALY. Results and discussion Potential economic production per capita, which is considered as the willingness to pay (WTP) for a QALY, is in the range 458,000–566,000 Thai baht (THB) (equivalent to 14,000–18,000 USD where 1 USD ≈ 32 THB). The value of a BAHY, which is expressed in terms of the value of a QALY, is in the range 7900–9800 THB (or around 250–300 USD), based on the exchange rate between the protection targets for ecosystems and human well-being. These results are tested by applying to the monetization of potential environmental burdens from producing several biofuels and petroleum-based fuels in Thailand; the environmental externalities account for about 20–40 % of the retail price. Conclusions The results can benefit policymakers in terms of decision-making on environmental management. Besides, the pathways to derive the monetary value of environmental impacts could be useful for other countries.
  • Publisher: Berlin/Heidelberg: Springer Berlin Heidelberg
  • Language: English
  • Identifier: ISSN: 0948-3349
    EISSN: 1614-7502
    DOI: 10.1007/s11367-016-1210-x
  • Source: ProQuest Central
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