Systematic Standardization Protocol Example
| Order of Steps | Value | Indicator | Source | Note |
|---|---|---|---|---|
| Extract original value | €0.15 per household per month | Original WTP for NBS | Viti et al. (2023) | Aarhus, Denmark |
| Obtain data from region | 336,000 | Population | Aarhus city hall dataa | Official population (2022) |
| 173,000 | Households | AdminStatb | No. of households (2021; latest) | |
| 68,299 | GDP per capita | World Bank datac | GDP per capita (2022 US$) | |
| Adjust to 2022 prices | No operation needed | GDP deflators | ||
| Exchange to US$ and correct for PPP | 6.153561 | PPP exchange rate (Danish kr. to US$) | World Bank data | PPP conversion factor, GDP (LCU per international US$) (2022) |
| 7.43 | US$ to Danish kr. exchange rate | European Central Bankd | Euro Foreign Exchange Reference Rates (2022) | |
| 1.11 | WTP (Danish kr.) | WTP × exchange rate | ||
| 0.18 | Monthly value (2022 US$) | Kr. WTP / PPP exchange rate | ||
| Obtain final per hectare per year WTP value | 2.17 | Annual value (2022 US$) | Monthly WTP × 12 | |
| 375,994 | Aggregated value | Yearly WTP × HH | ||
| 2,426 | WTP per hectare per year (2022 US$) | Aggregated WTP / size (ha) |
Note: NBS = nature-based solution; WTP = willingness to pay.
↵a See https://aarhus.dk.
↵b See https://ugeo.urbistat.com/AdminStat/it/dk/demografia/dati-sintesi/danimarca/208/1.
↵d See https://www.ecb.europa.eu/stats/exchange/eurofxref/shared/pdf/2022/12/20221230.pdf.