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Environmental Valuation: Some Problems of Wrong Questions and Misleading Answers

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  • Jack L. Knetsch

Abstract

Contingent valuation of people's willingness to pay has rapidly become the method of choice to value all manner of environmental damages. The correct measure is, however, the sum people require to compensate them for such losses, an amount which will normally be far larger than their willingness to pay. And on present evidence, responses to contingent valuation questions are not likely to represent any measure of economic values. The results of these valuation practices will, therefore, bias environmental policies and distort incentives.

Suggested Citation

  • Jack L. Knetsch, 1994. "Environmental Valuation: Some Problems of Wrong Questions and Misleading Answers," Environmental Values, White Horse Press, vol. 3(4), pages 351-368, November.
    • Handle: RePEc:env:journl:ev3:ev319
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    More about this item

    Keywords

    Contingent valuation; endowment effect; valuation;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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