Ethical Preferences And The Assessment Of Existence Values: Does The Neoclassical Model Fit?
AbstractSome of the implications of ethical preferences for traditional welfare analyses of existence values are discussed in this paper and illustrated with a lexicographic model for preference structures. Although willingness-to-pay and willingness-to-sell are well-defined, their connection with Hicksian surpluses is lost when a person is motivated by an ethical commitment to others welfare. Researchers need to expand contingent valuation methods to collect information on underlying motives and types of preferences in order to identify respondents who fit the neoclassical model of egoistic man.
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Bibliographic InfoArticle provided by Northeastern Agricultural and Resource Economics Association in its journal Northeastern Journal of Agricultural and Resource Economics.
Volume (Year): 15 (1986)
Issue (Month): 2 (October)
Institutional and Behavioral Economics;
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