Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment
Sustainability has become a major focus of research, with life cycle sustainability assessment (LCSA) emerging as a widely used method. LCSA evaluates the three pillars of sustainability— social, environmental, and economic—through social life cycle assessment (S-LCA), life cycle assessment (LCA), a...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Human Resources Management Academic Research Society (HRMARS)
2024
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| Online Access: | http://psasir.upm.edu.my/id/eprint/119536/ http://psasir.upm.edu.my/id/eprint/119536/1/119536.pdf |
| _version_ | 1848867994751467520 |
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| author | Sining, Ma Sharaai, Amir Hamzah Matthew, Nitanan Koshy Zainordin, Nazatul Syadia |
| author_facet | Sining, Ma Sharaai, Amir Hamzah Matthew, Nitanan Koshy Zainordin, Nazatul Syadia |
| author_sort | Sining, Ma |
| building | UPM Institutional Repository |
| collection | Online Access |
| description | Sustainability has become a major focus of research, with life cycle sustainability assessment (LCSA) emerging as a widely used method. LCSA evaluates the three pillars of sustainability— social, environmental, and economic—through social life cycle assessment (S-LCA), life cycle assessment (LCA), and life cycle costing (LCC). However, the lack of integration among these methods, which use different units of measurement, makes it challenging for stakeholders to fully grasp the sustainability of products. To bridge this gap, monetization offers a means of translating complex environmental and social impacts into financial terms, enabling stakeholders to make more informed decisions. This review explores the monetization of LCA and S-LCA, focusing on various techniques, with the contingent valuation method (CVM) for estimating willingness to pay (WTP) identified as particularly effective. WTP allows for context-specific results that better reflect individual or organizational preferences. Future research should investigate the integration of WTP into LCSA to guide governments and stakeholders in promoting sustainable products and services. |
| first_indexed | 2025-11-15T14:45:20Z |
| format | Article |
| id | upm-119536 |
| institution | Universiti Putra Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T14:45:20Z |
| publishDate | 2024 |
| publisher | Human Resources Management Academic Research Society (HRMARS) |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | upm-1195362025-08-27T08:14:24Z http://psasir.upm.edu.my/id/eprint/119536/ Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment Sining, Ma Sharaai, Amir Hamzah Matthew, Nitanan Koshy Zainordin, Nazatul Syadia Sustainability has become a major focus of research, with life cycle sustainability assessment (LCSA) emerging as a widely used method. LCSA evaluates the three pillars of sustainability— social, environmental, and economic—through social life cycle assessment (S-LCA), life cycle assessment (LCA), and life cycle costing (LCC). However, the lack of integration among these methods, which use different units of measurement, makes it challenging for stakeholders to fully grasp the sustainability of products. To bridge this gap, monetization offers a means of translating complex environmental and social impacts into financial terms, enabling stakeholders to make more informed decisions. This review explores the monetization of LCA and S-LCA, focusing on various techniques, with the contingent valuation method (CVM) for estimating willingness to pay (WTP) identified as particularly effective. WTP allows for context-specific results that better reflect individual or organizational preferences. Future research should investigate the integration of WTP into LCSA to guide governments and stakeholders in promoting sustainable products and services. Human Resources Management Academic Research Society (HRMARS) 2024-10-27 Article PeerReviewed text en cc_by_4 http://psasir.upm.edu.my/id/eprint/119536/1/119536.pdf Sining, Ma and Sharaai, Amir Hamzah and Matthew, Nitanan Koshy and Zainordin, Nazatul Syadia (2024) Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment. International Journal of Academic Research in Economics and Management Sciences, 13 (4). pp. 155-168. ISSN 2226-3624 https://hrmars.com/index.php/IJAREMS/article/view/23037/Monetization-of-Sustainability-Indicators-Integrating-Willingness-to-Pay-into-Life-Cycle-Sustainability-Assessment 10.6007/ijarems/v13-i4/23037 |
| spellingShingle | Sining, Ma Sharaai, Amir Hamzah Matthew, Nitanan Koshy Zainordin, Nazatul Syadia Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title | Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title_full | Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title_fullStr | Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title_full_unstemmed | Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title_short | Monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| title_sort | monetization of sustainability indicators integrating willingness to pay into life cycle sustainability assessment |
| url | http://psasir.upm.edu.my/id/eprint/119536/ http://psasir.upm.edu.my/id/eprint/119536/ http://psasir.upm.edu.my/id/eprint/119536/ http://psasir.upm.edu.my/id/eprint/119536/1/119536.pdf |