Pitfalls of monetizing relational values in the context of climate change adaptation
Relational values emphasize the desirable characteristics of nature–society relationships. Unlike instrumental values, relational values have not yet been subjected to monetary quantification, although they may be relevant to environmental policymaking or climate change adaptation decisions which...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Philipps-Universität Marburg
2024
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| Subjects: | |
| Online Access: | PDF Full Text |
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| Summary: | Relational values emphasize the desirable characteristics of nature–society relationships.
Unlike instrumental values, relational values have not yet been subjected to monetary
quantification, although they may be relevant to environmental policymaking or climate
change adaptation decisions which often rely on cost–benefit approximations. This paper
explores the quantification of relational values within a contingent valuation scenario both in
monetary (one-time donation) and non-monetary terms (Likert-scale, ranking) as well as using
a measure that elicits the desired allocation of government budget for adaptation. We
conduct two surveys within the context of adaptation projects, aiming to protect the tradi-
tional lifestyles of atoll islanders on the Solomon Islands and coastal communities in
Bangladesh. In these surveys, we employ two valuation scenarios – one with explicit mention
of relational value losses, and one without. Information on relational losses led to no
increases in monetary or non-monetary valuation but to a slightly higher allocation of
government budget in Bangladesh. We further assess and discuss the validity of our mea-
sures, also accounting for respondents’ financial situation. Our findings suggest that empha-
sizing relational losses could significantly increase disaster management funding in
Bangladesh, with a potential 55% budget increase based on our treatment effect. We further
discuss the difficulties in quantifying relational values in a context with limited ability to pay
and the importance of considering deliberative approaches for ensuring that all dimensions
of human-nature relationships are adequately considered in adaptation policy decision-
making. |
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| Item Description: | Gefördert durch den Open-Access-Publikationsfonds der UB Marburg. |
| DOI: | 10.1080/26395916.2024.2427809 |