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Objective: The main aims of this paper are to analyse the monetary value of informal care time using different techniques and to identify significant variables associated with the number of caregiving hours. Data and methods: A multicentre study in two Spanish regions in adult caregivers was conducted. A total sample of 604 people was available. A multivariate analysis was performed to identify the variables associated with the number of hours of caregiving time. In the monetary valuation of informal care provided, three approaches were used: replacement cost method, opportunity cost and contingent valuation (willingness to pay and willingness to accept). Results: The main determinants of the amount of time of informal care provided were age, gender, the level of care receiver´s dependence and the professional care services received (at home and out of home). The value estimated for informal care time ranges from EUROS 80,247 (replacement cost method) to EUROS 14,325 (willingness to pay), with intermediate values of EUROS 27,140 and EUROS 29,343 (opportunity cost and willingness to accept, respectively). Several sensitivity analyses were performed over the base cases, confirming the previous results. Conclusions: Time of informal care represents a great social value, regardless of the applied technique. However, the results can differ strongly depending on the technique chosen. Therefore, the choice of technique of valuation is not neutral. Among the determinants of informal care time, the professional care received at home has a complementary character to informal care, while the formal care outside the home has a substitute character. [ABSTRACT FROM AUTHOR]

• Economic valuation assumes preference stability which is not confirmed by evidence. • We show that this is also the case for long-term water quality improvements. • Preference instability might reflect policy failures and not breach economic theory. • Policy inefficacy might increase protest behavior and decrease willingness to pay. • Economic valuation should consider potential biases from management performance. The Water Framework Directive (WFD) establishes that Programme of Measures (PoMs) to manage aquatic ecosystems have to be assessed to determine whether the benefits obtained from the good ecological status outweigh the costs. Stated preference methods have been widely applied to estimate non-market benefits of improved ecological status, assuming that respondents declare their true preferences that are stable over time. However, evidence on preference stability is mixed in the literature. The objective of this paper is to study preference stability towards water bodies improvement. As the WFD implementation has been delayed and have proven to be a greater challenge than expected, we focus on the effects of policy implementation failures on preference stability. We analyse two contingent valuation surveys to assess environmental values for the case of the Mar Menor (SE Spain) in years 2010 and 2017. We find higher protest response rate, changing indirect utility functions towards good ecological status and decreased WTPs in 2017. It indicates that public valuation might fail to adhere to rational economic premises when public authorities fail to reach environmental objectives and/or PoMs are not correctly implemented. Decision making based on stated preferences should carefully consider potential biases emerging from management performance. [ABSTRACT FROM AUTHOR]