No abstract

The effective definition of public intervention goals and resource allocation for natural resource management requires decision makers to understand the monetary values of the full range of goods and services provided by landscapes, in other words, their Total Economic Value (TEV). Aesthetic enjoyment (AE) can be considered as part of such TEV of landscapes. For the estimation of the economic value of AE in Albufera Natural Park (Valencia, Spain), this paper applies the Analytic Multicriteria Valuation Method (AMUVAM). It is a combination of two established techniques: analytic hierarchy process (AHP) and discount cash flow (DCF). The economic value of non-market benefits under AMU-VAM is obtained indirectly, by comparing the relative degrees of importance attached to the different components of TEV. In this way, not only does it estimate a monetary value of AE but also its importance relative to TEV. Results express that AE represents 7% of the TEV in Albufera Natural Park and 24% of the EV in Albufera Natural Park (€176 million). Results reveal distinct patterns in the valuation of TEV and existence value (EV). In this way, together with the average, a range of values which show the different sensitivities of society is provided. The comparison of the TEV obtained for Albufera Natural Park with previous studies conducted on wetlands suggests its similarity in scale.

The Analytic Multicriteria Valuation Method (AMUVAM) was designed to value environmental assets. This method and its software allow one to incorporate all the experts' decisions in a global evaluation matrix and assign a degree of importance (weight) to the criteria. This multicriteria decision aid methodology has traditionally been based on the Analytic Hierarchy Process (AHP) and the Discounted Cash Flow. However, it can be substituted by the Analytic Network Process (ANP). Although it involves a higher complexity, it considers all the current relationships between the different alternatives and criteria so it should be more accurate. Therefore, the aim of the present work is to value the ecosystem services of an environmental area by using both methods and compare the results. A real application has been presented; therefore, this work has been applied to the valuation of the Albufera Natural Park in Valè ncia (Spain). This area is considered one of the most important Mediterranean wetlands of the Mediterranean countries. Having obtained the results, the method can be carried out using either of the two processes when the aim of the assessment is to get the Total Economic Value. In this case, the AHP can be used as a less time-consuming and cheaper method. However, if the goal is to value the ecosystem services, there are significant differences between both methods. Some of the services are overvalued or underestimated when the AHP has been used.

RESUMEN: Calcular el valor de los activos ambientales puede ser un elemento importante para su conservación y mejora, pero con los métodos tradicionales de valoración la consideración tanto de sus aspectos intangibles como tangibles, es difícil, y en algunos casos imposible. En el presente trabajo se presenta una metodología de valoración de dichos activos que combina métodos multicriterio (Proceso Analítico Jerárquico y la programación por metas) con métodos tradicionales (método de actualización de rentas). La combinación de dichas técnicas permite deducir un indicador del Valor Económico Total de un activo ambiental y de los distintos valores parciales que lo componen, ya sean tangibles o intangibles. La metodología propuesta se ha aplicado a la valoración del Parque Natural del Alto Tajo. PALABRAS CLAVE:Valoración económica, recursos naturales, proceso analítico jerárquico, programación por metas.Clasificación JEL: Q29, C52, H43. Appraisal of environmental assets by means of multi-criteria methods.Application to the natural park of the Alto Tajo SUMMARY: The valuation of these goods can be a relevant element for their conservation and improvement, though the intangible and immaterial aspects of environmental assets difficult the utilisation of the traditional methods of valuation. This work presents a methodology for the valuation of those assets combining multi-criteria methods, the Analytic Hierarchy Process and the Goal Programming and traditional method the Discounted Cash Flows. The combination of both techniques allows extracting an indicator of the Total Economic Value (TEV) of an environmental asset, as well as of each partial value which make up the TEV, including tangible and intangible elements. The proposed methodology is applied to the valuation of the 'Alto Tajo' Natural Park. KEYWORDS:Economic valuation, environmental assets, analytic hierarchy process, goal programming.JEL classification: Q29, C52, H43.a Departamento de Economía y Ciencias Sociales. Universidad Politécnica de Valencia.Una versión previa a este trabajo se presentó en el Coloquio de Estudios Rurales. Huelva (2006).Agradecimientos: Los autores quieren expresar su reconocimiento a los miembros de la Junta Rectora del Parque Natural del Alto Tajo y muy especialmente a su Director por su colaboración, asimismo agradecer las sugerencias de los dos revisores anónimos que nos han permitido mejorar sensiblemente el trabajo original.Dirigir correspondencia a: Jerónimo Aznar.

No abstract