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Economic valuation of an offshore wind farm in Greece: the role of individual’s base-state influences and beliefs in the value formation process

Georgiou, I. and Areal, F. J. (2015) Economic valuation of an offshore wind farm in Greece: the role of individual’s base-state influences and beliefs in the value formation process. Renewable & Sustainable Energy Reviews, 52. pp. 717-724. ISSN 1364-0321

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To link to this item DOI: 10.1016/j.rser.2015.07.178

Abstract/Summary

The increased concern for the impacts of climate change on the environment, along with the growing industry of renewable energy sources, and especially wind power, has made the valuation of environmental services and goods of great significance. Offshore wind energy is being exploited exponentially and its importance for renewable energy generation is increasing. We apply a double-bound dichotomous Contingent Valuation Method analysis in order to both a) estimating the Willingness to Pay (WTP) of Greek residents for green electricity produced by offshore wind farm located between the islands of Tinos and Andros and b) identifying factors behind respondents’ WTP including individual’s behaviour toward environment and individual’s views on climate change and renewable energy. A total of 141 respondents participated in the questionnaire. Results show that the respondents are willing to pay on average 20€ every two months through their electricity bill in return for carbon-free electricity and water saving from the wind farm. Respondents’ environmental consciousness and their perception towards climate change and renewable energy have a positive effect on their WTP.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Life Sciences > School of Agriculture, Policy and Development > Economic and Social Sciences Division > Food Economics and Marketing (FEM)
ID Code:40912
Uncontrolled Keywords:willingness to pay; offshore wind farm; base-state influences’ base-state beliefs
Publisher:Elsevier

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