Protected areas such as national parks constitute an increasing land mass globally, but these areas are under increasing threat from climate change events such as drought, flooding, and bushfires. The recent Yosemite National Park fires in California provide an example of this issue. After any such disaster, authorities will need to restore those protected areas to their former state at significant costs within any public funding cycle. To corroborate that request, clear economic assessments of total costs and benefits will be required. However, in previous studies of these issues a complete set of government cost and/or benefit data may not be provided, skewing assessment results accordingly. Using South Australia\'s Kangaroo Island protected areas-which were significantly destroyed by bushfire in 2019-20-as a case study with a unique set of State government cost data we calculate a set of analyses via economic methods. Despite significant restoration costs the study found the discounted net present value of returning tourists to the Island is 3.15 over ten years for park tourism and regional economic impacts, providing an internal rate of return of 22%. The rebuild work is also expected to support around 430 full time equivalent (FTE) jobs during construction, with a return to full tourism supporting another 744 FTEs across relevant sectors (e.g. accommodation, retail) of the Kangaroo Island economy. This robust assessment makes it far easier for protected area managers to argue their funding case.

Background: The purpose of this paper is to address how to handle uncertainty when performing an economic valuation of a medical innovation R&D project in orphan diseases from the perspective of the investor. Methods: We describe the specific uncertainty related to cash flows and the cost of capital for innovation in orphan diseases. The uncertainty in cash flows relates to sales, manufacturing and R&D costs, and probabilities of failure for each phase in the clinical trial program. We consider different net present values (NPVs) and higher standard deviations for orphan drugs compared to non-orphan drugs. Results: Numerical case base examples showed the differences in trade-off by an investor for R&D projects with differences in NPV and level of uncertainty. The investor will transfer the additional uncertainty in cash flows in a higher cost of capital. An alternative approach is the application of an \"acceptability curve\" based on a probabilistic sensitivity analysis, which displays the cumulative probabilities at a range of different values for the NPV. Finally, we consider uncertainty in the cost of capital itself by applying the Capital Asset Pricing Model (CAPM). Conclusions: In this paper, we described various types of uncertainty and explored various approaches to how to handle uncertainty in the economic valuation of medical innovation in orphan diseases. The bridging of health economics with economic valuation theory in the healthcare market is to our knowledge a novel approach for the valuation of medical innovation by investors.

Dal Lake, the world-famous tourist attraction has been polluted by allochthonous and autochthonous sources, as a result the heavy metal (HMs) concentrations within the water body has reached the toxic levels which is endangering the lives of the people. A study was carried out during the year 2021 (i) to determine the concentration of HMs (molybdenum: Mo, arsenic: Ar, cadmium: Cd, lead: Pb) at the four designated sites of Dal Lake, and (ii) a public survey (400 persons) involving economic valuation of water body in terms of recreational use and other benefits. The highest values of biological oxygen demand (BOD) and chemical oxygen demand (COD) within the Dal Lake were recorded at site A, which were 31 ± 1.10 mg/l and 76 ± 0.64, respectively. Similarly, maximum nitrate nitrogen was found at site A (865 ± 0.86 μg/l). The highest value of Pb was reported (6.828 ± 0.003 ppb) from site A whereas, the lowest from site B (2.492 ± 0.002 ppb). The mean values of Mo concentrations (in ppb) were found to be 2.538 ± 0.002, 1.703 ± 0.003, 3.627 ± 0.004 and 4.787 ± 0.002 at the four sites respectively. The observed values of HMs (in ppb) were much higher than the permissible values (WHO, 2006) and those reported earlier. A huge amount of money (Rs 16,18,66,000/) is being generated from the floating gardens of Dal Lake, calculated by TCM and CVM methods. During the survey, 68 % of people showed a willingness to pay (WTP) for the restoration of the Dal Lake and improved services (mean value: Rs 62,852.20/). Thus, the monitoring and assessment were done to find out how the Dal Lake contributes to the economy of the state by way of its different services and the major attraction for tourists besides the possible reasons for the deterioration of water quality, in order to find a long-lasting solution for the sustainable conservation of Dal Lake.

Renewable power generation is the key to decarbonizing the electricity system. Wind power is the fastest-growing renewable source of electricity in the United States. However, expanding wind capacity often faces local opposition, partly due to a perceived visual disamenity from large wind turbines. Here, we provide a US-wide assessment of the externality costs of wind power generation through the visibility impact on property values. To this end, we create a database on wind turbine visibility, combining information on the site and height of each utility-scale turbine having fed power into the U.S. grid, with a high-resolution elevation map to account for the underlying topography of the landscape. Building on hedonic valuation theory, we statistically estimate the impact of wind turbine visibility on home values, informed by data from the majority of home sales in the United States since 1997. We find that on average, wind turbine visibility negatively affects home values in an economically and statistically significant way in close proximity ([Formula: see text]5 miles/8 km). However, the effect diminishes over time and in distance and is indistinguishable from zero for larger distances and toward the end of our sample.

Geodiversity and geosystem services are confronting global threats. However, the majority of conservation strategies tend to overlook the geological component within ecosystems. The existing literature centres on biodiversity, ecosystem services and their economic valuation. In this paper, we conduct a systematic literature review to identify the gap in the assessment of geological diversity, pinpointing areas where scientific contributions are needed to safeguard geological resources. Our findings reveal a concentration of studies assessing geodiversity in European and Asian countries. While the majority of the reviewed papers emphasizes the recreational features and associated values of geological resources, promoting geotourism and recognizing its potential for economic growth, there is a significant oversight concerning the impact of tourism on geological resources. Existing assessments predominantly focus on visitors\' perceptions and preferences, sidelining the inhabitants\' perspective and their crucial roles in the conservation of geodiversity. This article is part of the Theo Murphy meeting issue \'Geodiversity for science and society\'.

BACKGROUND: Health economics research and economic evaluation have increasingly taken a societal perspective, accounting for the economic impacts of informal care. Projected economic costs of informal care help researchers and policymakers understand better the long-term consequences of policy reforms and health interventions. This study makes projections of the economic costs of informal care for older people in England.
METHODS: Data come from two national surveys: the English Longitudinal Study of Ageing (ELSA, N = 35,425) and the Health Survey for England (N = 17,292). We combine a Markov model with a macrosimulation model to make the projections. We explore a range of assumptions about future demographic and epidemiological trends to capture model uncertainty and take a Bayesian approach to capture parameter uncertainty.
RESULTS: We estimate that the economic costs of informal care were £54.2 billion in 2019, three times larger than the expenditure on formal long-term care. Those costs are projected to rise by 87% by 2039, faster than public expenditure but slower than private expenditure on formal long-term care. These results are sensitive to assumptions about future life expectancy, fertility rates, and progression of disabilities in the population.
CONCLUSIONS: Prevention schemes aiming to promote healthy aging and independence will be important to alleviate the costs of informal care. The government should strengthen support for informal caregivers and care recipients to ensure the adequacy of care, protect the well-being of caregivers, and prevent the costs of informal care from spilling over to other sectors of the economy.

This study presents an economic valuation of the groundwater resource in the Effutu Municipality. It tests the validity of the Gisser-Sanchez\'s position that the benefits derived from implementing a groundwater management intervention are insignificantly small compared to when no intervention is made. Hundred groundwater-user households were sampled by quota, convenience, and simple random sampling techniques. Assuming a quantitative approach, a contingent valuation-based willingness to pay questionnaire was used for data collection. Respondents were asked to value groundwater under two regimes based on quality: (1) unmanaged quality and (2) hypothetically-managed quality regimes. Using the Lancaster demand theory, the values assigned under either regime were assumed as the benefits users would derive from using groundwater. The statistical difference between the benefits of the two regimes was established by the Wilcoxon Signed Rank Test. The findings revealed that groundwater users are willing to pay 20 Pesewas (GH₵ 0.2) and 30 Pesewas (GH₵ 0.3), respectively, for a 10 L bucket of groundwater from the unmanaged quality regime and groundwater from the hypothetically-managed quality regime. The study established a statistically significant difference between the economic values of groundwater under either regime, indicating that the Gisser-Sanchez effect does not hold for groundwater used for drinking and domestic purposes in the Effutu Municipality. It has been expressed that improving groundwater quality will significantly increase the economic value of the resource. It has therefore been recommended that efforts should be made to treat groundwater to assume the quality of the Ghana Water Company\'s pipe-borne water after drilling projects in the Municipality.

Global concern regarding ultrafine particles (UFPs), which are particulate matter (PM) with a diameter of less than 100 nm, is increasing. These particles are difficult to measure using the current methods because their characteristics are different from those of other air pollutants. Therefore, a new monitoring system is required to obtain accurate UFP information, which will raise the financial burden of the government and people. In this study, we estimated the economic value of UFP information by evaluating the willingness-to-pay (WTP) for the UFP monitoring and reporting system. We used the contingent valuation method (CVM) and the one-and-one-half-bounded dichotomous choice (OOHBDC) spike model. We analyzed how the respondents\' socio-economic variables, as well as their cognition level of PM, affected their WTP. Therefore, we collected WTP data of 1040 Korean respondents through an online survey. The estimated mean WTP for building a UFP monitoring and reporting system is KRW 6958.55-7222.55 (USD 6.22-6.45) per household per year. We found that people satisfied with the current air pollutant information, and generally possessing relatively greater knowledge of UFPs, have higher WTP for a UFP monitoring and reporting system. We found that people are willing to pay more than the actual installation and operating costs of current air pollution monitoring systems. If the collected UFP data is disclosed in an easily accessible manner, as is current air pollutant data, it will be possible to secure more public acceptance for expanding the UFP monitoring and reporting system nationwide.

Tis-Abay Waterfall is a famous tourist destination in northern Ethiopia, attracting both domestic and international visitors. Although the site\'s recreation and tourism potential are enormous, the value of the waterfall remains underestimated; an application of economic valuation methods can provide information to better utilize the resource. This study estimates the recreational value of Tis-Abay Waterfall and analyzes the consumer characteristics associated with recreational demand. Drawing on data from 1044 on-site surveys, the study uses the Individual Travel Cost Method (ITCM) with a Zero-Truncated Poisson (ZTP) regression model. Results of the ZTP regression suggest that visitors\' age, monthly income, and interest in alternative recreation sites like Lake Tana and Gondar Fasiledes Royal Castle are variables significantly and positively related with recreational demand for the Tis-Abay Waterfall. However, visitors\' recreational demand is negatively associated with respondents\' distance from the site, leisure time, and total cost of site access. The appraisal suggests that the Tis-Abay Waterfall has a significant annual recreational value of $9.5 million. But it also shows that the waterfall\'s value would increase significantly, up to $17.3 million, with hypothetical quality improvements in the waterfall settings. The value attachment suggests that estimating the recreation value for Tis-Abay Waterfall is a central component in the sustainable use and management of the resource. However, the presence of unfavorable trade-offs with the electric power plant and the inadequate infrastructure and services for reaching the site are major concerns that require immediate attention to make better use of Tis-Abay Waterfall\'s recreational services.

Small and medium-sized enterprises (SMEs) play an important role in supporting Indonesia\'s economic growth and provide employment for people. Nevertheless, SMEs are most vulnerable when there is a flood. Small and medium sized enterprises are worse off especially after the flood, because they are relatively limited in resources and less resilient. The study aimed at identifying the vulnerability level to floods and analysing the economic valuation of flood mitigation. The population in this study were SMEs located in flood-prone areas in Klaten Regency, Central Java province, Indonesia. This research used a purposive sampling technique with 152 respondents. Data collection was carried out using a direct interview method to business actors with the help of a questionnaire. There were two analytical tools used in this research, including vulnerability index and economic valuation. The results showed that Klaten Regency is located in the upper area vulnerability category of moderate flood. The economic valuation of flood mitigation is IDR 100 000 (USD6.99) to IDR 149 999 (USD10.49). Most SMEs perceive that flood mitigation is the responsibility of the government.