International Recognition for Environmental Decision-Making Research
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A new paper led by researchers from the Centre for Environmental Economics and Policy (CEEP) at The University of Western Australia is receiving international recognition for advancing understanding of how information about environmental values can improve decision-making. Published in the Journal of Environmental Economics and Management, The Value of a Value: The Benefits of Improved Decision Making Informed by Non-Market Valuation explores when investing in environmental valuation studies is worthwhile, and which valuation methods provide the greatest benefit relative to their cost.
The paper was supported by an Australian Research Council grant and authored by CEEP researchers Prof David Pannell, A/Prof Michael Burton, A/Prof Abbie Rogers and Ms Cheryl Day, alongside CEEP Adjunct A/Prof Md Sayed Iftekhar from Griffith University and international collaborator Prof Robert Johnston from Clark University.
Using a Bayesian “value of information” framework, the research analysed various non-market valuation methods. These are techniques for placing a monetary value on an environmental asset. Various techniques are available, including stated preference, revealed preference and benefit transfer approaches. The researchers set out to understand how investing in better information about these values can improve environmental decisions under uncertainty. Through a water-quality case study and expert elicitation process involving leading international valuation experts, the study demonstrated that the value of environmental valuation depends strongly on context, including project scale, study quality and the type of environmental values being measured. In certain situations, the value of the information can be very high, particularly when the choice between different decision options is balanced.
The paper has already attracted significant international recognition, winning awards from both the 2026 Australian Agricultural and Resource Economics Society (AARES) Conference under the Senior Research category, and the 2026 Agricultural and Applied Economics Association (AAEA) Conference for Quality of Research Discovery category. The Chief Investigator of this research grant, Professor David Pannell, was recently recognised with a Lifetime Achievement Award from the UK’s Agricultural Economics Society for his outstanding contribution to agricultural and environmental economics research.
These achievements highlight the global impact of CEEP’s research in supporting better environmental policy and decision-making.
Contact Us
Professor David Pannell: david.pannell@uwa.edu.au
Recommended Resources
Pannell, D. J., Johnston, R. J., Burton, M. P., Iftekhar, M. S., Rogers, A. A., & Day, C. (2025). The value of a value: The benefits of improved decision making informed by non-market valuation. Journal of Environmental Economics and Management, 131, 1-19. Article 103148. https://doi.org/10.1016/j.jeem.2025.103148
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