Which compensation for whom ?
AbstractThis paper examines a situation where a decision-maker determines the appropriate compensation that should be implemented for a given ecological damage. The compensation can be either or both in monetary and environmental units to meet three goals : i) no aggregate welfare loss, ii) minimization of the cost associated with the compensation, iii) minimal environmental compensation requirement. The findings suggest that - in some cases - providing both monetary and environmental compensation can be the best option. We also emphasize the impact of implementing a minimal environmental compensation constraint especially in terms of equity and cost efficiency.
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Date of creation: Nov 2012
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Environmental damage; compensation; welfare; inequity;
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- Hege Medin & Karine Nyborg & Ian Bateman, 1998.
"The Assumption of Equal Marginal Utility of Income: How Much Does it Matter?,"
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