Essays on improving the econometric estimation of wetlands values via meta analysis
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Essays on improving the econometric estimation of wetlands values via meta analysis
ESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis ements for the Degree Doctor of Philosophy ill the Graduate School of The Ohio State UniversityByDing-Rong Chen, MA.Graduate Program in Agricultural. Environmental, and Development EconomicsThe Ohio State University2010Dissertation Committee:Professor -Alan Randall. AdvisorProfessor lim liaabProfess Essays on improving the econometric estimation of wetlands values via meta analysis or Abdul SamABSTRACTHistorically, wetlands have been considered wastelands and can only be improved by drainage and then converted into production lanEssays on improving the econometric estimation of wetlands values via meta analysis
ds. This situation has changed since the 1970’s due to the public becoming aware of the contributions of wetlands tluough the provision of various funESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis functions not only bring significant improvements to the ecological system but can also further the living qualities for human beings, a shift from conversion to conservation policy has become clear to the U.S. government in the use of wetlands.In the past few decades, a large number of original si Essays on improving the econometric estimation of wetlands values via meta analysis te-specific wetland studies were conducted to provide value estimates of wetlands for policy makers' reference to balance the benefits and costs of weEssays on improving the econometric estimation of wetlands values via meta analysis
tlands conservation so that they can determine an efficient allocation of scarce public resources to wetlands projects. However, given the increasing ESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis rature, 111 the hope of cheaper and quicker first-cut benefit approximations for non-valued policyrelevant sites. Tins idea has stimulated the use of meta-analysis for benefit transfer (BT).Meta-analysis is a popular tool for wetland valuation since It can synthesize empirical results across a numbe Essays on improving the econometric estimation of wetlands values via meta analysis r of studies that addr ess related research questions. In the literature, the goals of most existing U.S. wetland meta-analysis studies are aimed to dEssays on improving the econometric estimation of wetlands values via meta analysis
istill the systematic trends from previous site-specific studies as well as to provide BT piedictions though their estimated meta-equations Examples oESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis e focus our goal on improving the econometric estimation of BT through solving several issues we encountered whileiidealing with our wetland mcla-dalasct. The potential issues are raised in the following three essays and the corresponding solutions are also proposed ill each essay.In essay 1, we con Essays on improving the econometric estimation of wetlands values via meta analysis duct a mcla-analysis for U.S. wetlands by analyzing 72 observations collected ill Borisova-Kidder (2006) to identify rhe important detenu inants of weEssays on improving the econometric estimation of wetlands values via meta analysis
tland values. Since rhe 72 observations in Borisova-Kidder (2006) are stemmed from a number of published studies that applied different methodologies ESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis amined in this essay. To avoid rhe possible asymptotic issue in our small dataset, this essay examines rhe effect of valuation method in our wetland mcla-analysis through bootstrapping Hausman's lest to sec if pooling observations IS adequate 111 the wetland mcta-analysis.The major findings in essay Essays on improving the econometric estimation of wetlands values via meta analysis 1 can be summarized as follows. First, an increase in household income will lead to higher wetland values. Second, saltwater marsh and prairie potholEssays on improving the econometric estimation of wetlands values via meta analysis
e, compared to freshwater marsh, were shown to have a negative relationship w ith wetland value. Thữd, most of the wetland services except water qualiESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis significant effect on wetland value Last, we cannot find any evidence for wetland value being significantly affected by its region Other geographical factors, e g. distance from population center, may have impact. For the pooling effect, our test results suggest that the value estimates (observation Essays on improving the econometric estimation of wetlands values via meta analysis s) produced by different valuation methods, although they might not be directly comparable, can be pooled in the estimation of meta-equation without uEssays on improving the econometric estimation of wetlands values via meta analysis
ndermining the efficiency and consistency of model parameters.Tn essay 2. we aim to improve the efficiencies of both the model parameter estimation anESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis onts US with the following two difficulties. First, the number of observations may lie smaller than ideal for estimating effects on valuation methodology; wetland type, services, and etc. Second, tins dataset is relatively noisy, hl order to tackle the difficulties, we propose to augment our study w Essays on improving the econometric estimation of wetlands values via meta analysis ith information from a second dataset in a published wetland incta-arialysis conducted by Blander cl al. (2006) for introducing additional informationEssays on improving the econometric estimation of wetlands values via meta analysis
to our tliiniiidataset However, the analytical method in essay 1. while a common practice of wetland valuation in the literature, is impeded by some ESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis rk to allow information monotonically extracted from the estimated meta-equation 111 Blander et al. to enter our study tlnough informed priors to cany out our U.S. wetland meta-analysis.The results of essay 2 showed that models with the added infonnation bon owed from Blander et al. score higher log Essays on improving the econometric estimation of wetlands values via meta analysis ged marginal likelihood values than then respective counterparts. This suggests tlrat such added information can effectively improve our model performEssays on improving the econometric estimation of wetlands values via meta analysis
ance by increasing the probability to observe the sample points in our dataset. Besides, our results also showed that the accuracy of model forecastinESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis als for models with the added information from Blander et al have been nanowed down by 54%.In essay 3. we apply Bayesian modeling averaging (BMA) to mitigate the model uncertainty issue 111 the derivation of estimated coefficients as well as the calculation of BT predictions. In essay 1. the results Essays on improving the econometric estimation of wetlands values via meta analysis showed that there are more than 80% of explanatory variables in the model not significant at 90° 0 level of significance. This implicitly suggests thEssays on improving the econometric estimation of wetlands values via meta analysis
at OIU data is generated with no strong relationship between wetland values and those insignificant explanatory variables. The traditional solution foESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis t variables being removed. However, such a solution confronts US with the model uncertainty issue in the following two aspects. First, there is no theory suggesting which variables should be retained in wetland metaregression model. Thus, we are left with an arbitrary choice among various variable s Essays on improving the econometric estimation of wetlands values via meta analysis election methods. Second, basing inference on a single model is inherently risky unless other not quite so good (or non-selected) models receive no suEssays on improving the econometric estimation of wetlands values via meta analysis
pport from data. Thus, in this essay, we apply BMA method to utilize information from all possible models, each weighted by Its posterior model probabESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis be close to those 111 the FULLivmodel (with a fill! set of variables) estimated by OLS. For variables with lower probabilities, their estimated coefficients are smaller compared to their respective counterparts. Moreover, our results also showed that BMA technique not only provides better out-of-sam Essays on improving the econometric estimation of wetlands values via meta analysis ple predictive performance than other single models selected by Adj-R. Mallow's Cp and stepwise regression, but also narrows down the 90% confidence iEssays on improving the econometric estimation of wetlands values via meta analysis
nternal by 70^0 111 BT predictions obtained from the FULL model. Tins IS because BMA uses information from the insignificant variables but does not asESSAYS ON LMPROX ING ilJLL ECONOMETRIC ES I IMA HON OF WE I LANDS VALUES VIA META-ANALYSĨSDISSERTATIONPresented ill Partial Fulfillment of the Require Essays on improving the econometric estimation of wetlands values via meta analysis f the variance-covariance matrix of estimated coefficients in Blander et al can be obtained This is because some prior information used in this study came from rhe combination of two or more variables in Brandei et al.’s meta-equation and the derivation of their variances requites the summation of v Essays on improving the econometric estimation of wetlands values via meta analysis ariances and co-variances over several variables. Second, the model uncertainty empirically consists of at least two elements: specification uncertainEssays on improving the econometric estimation of wetlands values via meta analysis
ty and functional form uncertainty. In this study, we only address the first one. However, if the latter one can be taken into account while derivingGọi ngay
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