Environmental Valuation and Rationality
AbstractEconomic valuation of the envi- structuring the empirical model, or adding ronment is disputed, in part, due to the number auxiliary hypotheses. The presumption is of anomalies. Reactions to these anomalies have that consistent preferences are there just included adding new auxiliary hypotheses to the to be uncovered. Thus, errors are “mea- core model or dismissing the whole undertaking. surement This paper takes a third route, and uses observa- biases” to be corrected by retions made in valuation studies to improve choice fined methods (Mitchell and Carson theory. The paper covers the information prob- 1989) . Certainly, many studies can be critlem, the issue of preference formation, and under- icized for being of low quality. Still, the lines the role of the social sphere in defining what development of concepts like “starting becomes individually rational. While the findings point bias,” “posit ion bias,” “question ormay not simplify theory, they may help us be- der bias,” “yea-saying,” “protest bids,” come more realistic and to understand errors pro- and “part-whole bias” all seem very ad duced by illegitimate simplifications.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 80 (2004)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
- D6 - Microeconomics - - Welfare Economics
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RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:
- > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Ecological Economics > Environmental Values
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SOI - Working Papers
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0820, Graduate School of Economics, Kobe University.
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- Spash, Clive L. & Vatn, Arild, 2006. "Transferring environmental value estimates: Issues and alternatives," Ecological Economics, Elsevier, vol. 60(2), pages 379-388, December.
- Spash, Clive L., 2007. "Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change," Ecological Economics, Elsevier, vol. 63(4), pages 690-699, September.
- Jun, Eunju & Joon Kim, Won & Hoon Jeong, Yong & Heung Chang, Soon, 2010.
"Measuring the social value of nuclear energy using contingent valuation methodology,"
Elsevier, vol. 38(3), pages 1470-1476, March.
- Jun, Eunju & Kim, Wonjoon & Jeong, Yong Hoon & Chang, Soon-Heung, 2009. "Measuring the social value of nuclear energy using contingent valuation methodology," MPRA Paper 49668, University Library of Munich, Germany.
- Madlener, Reinhard & Stagl, Sigrid, 2005. "Sustainability-guided promotion of renewable electricity generation," Ecological Economics, Elsevier, vol. 53(2), pages 147-167, April.
- Susanne Menzel & Tom L. Green, 2013. "Sovereign Citizens and Constrained Consumers: Why Sustainability Requires Limits on Choice," Environmental Values, White Horse Press, vol. 22(1), pages 59-79, February.
- Veisten, Knut, 2007. "Contingent valuation controversies: Philosophic debates about economic theory," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(2), pages 204-232, April.
- Sell, Joachim & Koellner, Thomas & Weber, Olaf & Proctor, Wendy & Pedroni, Lucio & Scholz, Roland W., 2007. "Ecosystem services from tropical forestry projects - The choice of international market actors," Forest Policy and Economics, Elsevier, vol. 9(5), pages 496-515, January.
- Loureiro, Maria L. & Gracia, Azucena & Nayga, Rodolfo M., 2013. "Do experimental auction estimates pass the scope test?," Journal of Economic Psychology, Elsevier, vol. 37(C), pages 7-17.
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