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Wetland loss is a concern in Canada, with significant loss in urban and agricultural areas. Due to their provision of ecological goods and services - water quality improvement, carbon sequestration, flood and erosion control and biodiversity - wetlands are an important natural resource to conserve. A stated preference CVM survey was designed to estimate the non-market values of wetland in the prairie pothole region of Manitoba. This included information on benefits and costs associated with wetland restoration, a referendum portion and a debriefing section. A rigorous design procedure was followed that included several public focus groups and pre-tests. Results from 1,980 individuals indicate that respondents are willing to pay to retain and restore wetlands. Conservative willingness to pay estimates placed between $290 (retention) and $360 (full restoration) per household per year. Aggregated to the entire province over a five year period, this increases to approximately $600 and $730 million, respectively. / Agricultural and Resource Economics

abstract: My dissertation combines the notion of residential sorting from Tiebout (1956) with Grossman’s (1972) concept of a health production function to develop a new empirical framework for investigating what individuals’ residential location choices reveal about their valuation of amenities, the welfare effects of climate change, the forces underlying environmental justice, and the value of a statistical life. Location choices are affected by age, health, and financial constraints, and by exposure to local amenities that affect people’s health and longevity. Chapter 1 previews how I formalize this idea and investigate its empirical implications in three interrelated essays. Chapter 2 investigates interactions between health, the environment, and income. Seniors tend to move at higher rates after being diagnosed with new chronic medical conditions. While seniors generally tend to move to locations with less polluted air, those who have been diagnosed with respiratory conditions move to relatively more polluted locations. This counterintuitive pattern is reconciled by documenting that new diagnoses bring about increases in medical expenditures, thereby limiting disposable income that can be spent on housing. Relatively cheaper places tend to be more polluted, and higher exposure to pollution leaves seniors more vulnerable to future health shocks. In Chapter 3, I combine information about housing prices with estimates of location-specific effects on mortality to estimate the Value of a Statistical Life (VSL) for seniors - one of the most important statistics used to evaluate policies affecting mortality. Since local amenities correlate with causal mortality effects, but also provide utility independently, the difficulty in controlling for local amenities implies that my VSL estimates are best interpreted as bounds. Chapter 4 builds a new structural framework for evaluating spatially heterogeneous changes to local amenities. I estimate a dynamic model of location choice with a sample of 5.5 million seniors from 2001-2013. Their average annual willingness-to-pay to avoid future climate change in the United States under a “business as usual” scenario ranges from $962 for older, sicker groups who are more vulnerable to climate change’s negative effects on health to -$1,894 for younger, healthier groups, who value warmer winters and are relatively resilient. / Dissertation/Thesis / Doctoral Dissertation Economics 2020

Arrow et al. (1993) issued guidelines for contingent valuation, one of which was the recommendation that valuation questions include a ‘no-answer’ option such as ‘I prefer not to vote (PNV)’ in addition to the typical ‘yes’ and ‘no’ options. However, they did not give further guidelines on what to do with such responses, and there are various opinions in the literature. The objective of this thesis was to identify factors that affect the probability of a respondent choosing the PNV option in stated preference surveys. This thesis identified a positive relationship between offered bid for the proposed environmental project and the probability of respondents choosing PNV and a negative relationship between perceived consequentiality of the survey and the probability of respondents choosing PNV. From the findings, this thesis suggests possible solutions to reduce the frequency of such responses in order to increase accuracy of welfare estimates and cost efficiency.

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Initial public offerings (IPO) are an important function for society to fund entrepreneurs. However, what explains the number is disputed. One may think that it should be explained by the need for capital but only a part can be explained by that. Instead, this thesis theories that the number of IPOs should be able to be explained by valuation. To test this hypothesis two variables have been thought to affect the valuation: the current market valuation and underpricing. To represent the current valuation the P/E ratio of OMXS30 was used and for underpricing the average underpricing was used. Which later was tested in a regression analysis against the number of IPOs. This study found that there exists a positive correlation between the current market valuation (P/E) and the number of IPOs. The study's result regarding if underpricing could explain the number of IPOs became inconclusive. The finding of P/E ratios correlation to the number of IPOs can in future forecasting be tested and used.

This dissertation consists of three essays, of which, two involve assessing the value of tree cover in urban communities and the other evaluates cooperative management of an invasive species by urban communities. The first chapter summarizes the three topics and briefly describes the motivation, methods applied and main conclusions in each study. Chapter 2 presents a meta-analysis of hedonic property value studies on the value of tree cover. A meta-regression was performed using implicit value estimates for tree cover at property-level from various locations in the U.S. along with auxiliary data of county-level tree cover to investigate the relationship between tree cover and implicit-price estimates for residential properties. The study found that on average 35 percent and 40 percent tree cover respectively at property-level and county-level optimize the benefits to the property owners in urban areas. These results provide insights to forward-looking communities to adapt their tree planting and protection efforts to lessen climate-induced impacts. Chapter 3 applies a first-stage Hedonic property price model to estimate preference for tree cover in urban communities using single-family house sales data from multiple property markets across the U.S. The study analyses how home owners' preference for tree cover vary across the landscape and across cities. Further, it identifies what factors affect these variations via the general inferences obtained from an internal meta-analysis. The study confirms the heterogeneity of preferences as affected by the differences in the abundance of tree cover in study locations, regional differences and household characteristics. These findings add to the hedonic literature and provide useful information for future urban planning. Chapter 4 focuses on cooperative management of invasive species in landscapes with mixed land ownerships. This study analyzes the effect of the land ownership on the management efforts between an infested municipality and an uninfested municipality when a transferable payment scheme is involved in the cooperative agreement. A dynamic optimization problem was set up to evaluate the case of Emerald ash borer (EAB) control in multiple jurisdictions in the Twin Cities, Minnesota. The results suggest that when the infested municipality has more public lands and when the transfer payments are efficiently used to implement greater control, the municipalities are more likely to commit to bargaining, and smaller transfer payments paid over a longer span of time are sufficient for optimal control of the spread of invasive species across the municipalities. The last chapter concludes the three studies and discusses the insights for future research. / Ph. D. / Mountain pine beetles (Dendroctonus ponderosae) are a native insect that has decimated millions of hectares of mature pine forests in western North America. The purpose of this study was to investigate, using GIS-derived variables, biophysical and climatic factors that have influenced past mountain pine beetle insect outbreaks, as evident by beetle-induced tree mortality in the Crown of the Continent Ecosystem (CCE) from 1962 to 2014. Specific objectives of this study were to determine how selected biophysical variables (slope, aspect, elevation, and latitude), regional climate variables (temperature, precipitation, and drought) and global climate oscillations (ENSO, PDO, NAO, AO, and PNA) relate to bark beetle infestations in the Crown of the Continent Ecosystem from 1962 through 2014, as measured by aerial surveyrecorded tree mortality. We sought to contextualize the results of the statistical models with historical data to further understand the relationship between increases and decreases of tree mortality by comparing these trends to geopotential height and sea-surface temperatures that may influence CCE climate. Our work revealed first, that while the aerial survey data has important limitations, overall it is a useful dataset for analyzing historical spatio-temporal patterns of insect infestations. Second, there appears to be a link between local biophysical factors, such as latitude, elevation, and winter precipitation (as opposed to global climate factors) and tree mortality within the CCE. Local climate analysis revealed the importance of winter precipitation to be the biggest influence of MPB decrease or increase along with lower geopotential heights during a decline in MPB spread over the CCE. Finally, a combination of a negative PDO and El Niño was important in forecasting a decline in MPB spread, as shown by damage, during a given year. This is the first study to use aerial survey data in a geospatial analysis incorporating biophysical variables for the US portion of the Crown of the Continent Ecosystem. Additionally, this study is unique to explore the potential relationship between global teleconnections and regional climate in the CCE area, and the spatio-temporal extent of mountain pine beetle infestations.Urban trees have become a key resource in building sustainable communities. Knowledge of preferences for trees, costs and benefits of trees, and how trees are managed by private and public landowners, is indispensable in making targeted planning that would fulfill the economic, social and environmental objectives of the urban communities This dissertation explores on these topics in three papers. Chapter 1 summarizes the three topics and briefly describes the motivation, methods applied and main conclusions in each study. Chapter 2 presents a meta-analysis that combines the non-market value estimates for tree cover from previous hedonic studies from various locations in the U.S. along with auxiliary data to investigate the relationship between the level of tree cover and value estimates. The study found that on average 35% and 40% tree cover respectively at property-level and county-level optimize the benefits to the property owners. Chapter 3 analyses how home owners’ preferences for trees vary across the landscape in multiple cities in the U.S., and the results are systematically summarized via an internal-meta analysis. The study confirms the preference heterogeneity across the landscape and found that the relative abundance of tree cover in study locations, regional differences and household characteristics affect the preferences. Chapter 4 develops a dynamic optimization model to study how private and public land ownership in local municipalities affects the cooperative management of urban trees to control the Emerald ash borer (EAB) infestation in Twin Cities, Minnesota. The results suggest that when an infested municipality has more public lands and when the transfer payments are efficiently used to implement greater control, the municipalities are more likely to commit to bargaining agreements that last for longer period of time. Results from the three studies provide insights to forward-looking communities to adapt their tree planting and protection efforts to lessen climate-induced impacts. The last chapter concludes the three studies and discusses the insights for future research.

Short-termism and myopia on the part of corporate managers, analysts, and investors have created a business environment driven by the excessive focus on short-term results and the need to meet earnings targets at the expense of long-term value creation. These are accompanied by numerous consequences, including the potential for short-term-oriented firms, particularly in the U.S., to lag behind global long-term-oriented firms, as well as the potential for short-term mindsets in the corporate world to catalyze financial crises. In this paper, I demonstrate that the market generally assigns higher values to long-term firms rather than short-term ones. This is evidenced by the fact that firms characterized to be long-term according to various financial metrics have higher valuation multiples than their short-term counterparts. The results suggest that the market has a degree of sophistication that rewards investments for the future rather than earnings management and present gratification, and that the corporate world should therefore increasingly develop a long-term mentality.

The Choice Modelling technique is an emerging technique which appears to have strengths relative to other non-market valuation techniques. The latter group are important in the assessment of the tradeoffs involved in environmental and resource use tradeoffs. However, the use of these techniques is often criticised where ethical and moral frameworks are involved, where it is unclear how difficult choices are being framed against each other, or where it is unclear how values change according to the scope of the amenity under consideration The primary focus of the thesis is on the development of the Choice Modelling technique, which provides a richer information set to researchers than other techniques such as Contingent valuation method. However, the richness of this data is offset to some degree by the complexity of application, where careful attention is needed for design, application and analytical stages. In this thesis, a series of four Choice Modelling experiments are reported, as well as two small Contingent Valuation experiments. The Choice Modelling experiments were centred on the estimation of values that Australians might hold for rainforest conservation in Vanuatu. In order to frame and scope the tradeoffs of interest within the broad pool of substitute goods (such as rainforest conservation opportunities in other countries), the Choice Modelling technique appeared more suitable than the single tradeoff preservation of the Contingent Valuation method. The results of Choice Modelling experiments involved sets of parameters indicating that the probability of choice depended on a number of attributes used to make up the conservation profiles together with the influence of unobserved attributes. As a willingness-to-pay variable was included within the attributes making up choice profiles, estimates of value were available by predicting how changes in particular attributes could be offset by changes in the willingness-to-pay variable. The major conclusions of the research presented in the thesis were that the involvement with ethical and moral frameworks does not invalidate the use of non-market valuation techniques, and that the Choice Modelling technique has strengths in relation to scooping and framing issues. In particular, the research demonstrates that the information generated from an experiment can be used in an iterative approach to develop more accurate models of choice. As well, the research shows that the amenity of interest, rainforest conservation in Vanuatu, can have positive values for Australian residents relative to other conservation opportunities.