Deliberative Monetary Valuation (DMV) in Theory
AbstractThis paper explores and contrasts the different social processes of valuation now appearing as economic means of valuing the environment. Monetary valuation via stated preference approaches has been criticised for assuming well formed and informed preferences and excluding a range of sustainability concerns such as rights, fairness and equity. Deliberative monetary valuation (DMV) in small groups is a novel hybrid of economic and political approaches which raises the prospect of a transformative and moralising experience. Critics of standard contingent valuation approaches have advocated this as offering a way forward. However there has been a lack of clarity as to the means of obtaining values, the expected outcomes and their role. Moving to group settings of deliberation raises concepts of social willingness to pay and accept which are distinct from an aggregate of individual value, although this does not seem to have been widely recognised. A new classification of values is presented appropriate to the literature trying to merge economic and political processes. Values associated with the individual may be exchange values, charitable contributions or fair prices, while social values can be speculative, expressive or arbitrated. The use of DMV is shown to result in different values due to variations in the institutional setting and process of valuation.
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Bibliographic InfoPaper provided by CSIRO Sustainable Ecosystems in its series Socio-Economics and the Environment in Discussion (SEED) Working Paper Series with number 2007-01.
Length: 32 pages
Date of creation: May 2007
Date of revision:
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Deliberative Monetary Valuation (DMV); economy; environment; sustainability;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-06-11 (All new papers)
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