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The Revolution in Welfare Economics and its Implications for Environmental Valuation and Policy

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Author Info
John M. Gowdy () (Department of Economics, Rensselaer Polytechnic Institute, Troy NY 12180-3590, USA)

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Abstract

Two research programs are brought together to contribute to the growing body of work on alternatives to standard welfare-based approaches to environmental valuation and policy. The first is the theoretical literature undermining the "new welfare economics." The second is the growing body of work on endogenous preferences. Both these research programs point to the necessity of interpersonal comparisons in welfare economics. This paper focuses on (1) the theoretical flaws in the use of Potential Pareto Improvements as a policy guide, (2) the "filtering" of expressed preferences through the axioms of consumer choice, and (3) the role of endogenous preferences in a reformulation of environmental valuation and policy.

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Paper provided by Rensselaer Polytechnic Institute, Department of Economics in its series Rensselaer Working Papers in Economics with number 0315.

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Date of creation: Dec 2003
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Handle: RePEc:rpi:rpiwpe:0315

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  1. John M. Gowdy & Jon D. Erickson, 2004. "Ecological Economics at a Crossroads," Rensselaer Working Papers in Economics 0417, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
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  2. R. Turner, 2007. "Limits to CBA in UK and European environmental policy: retrospects and future prospects," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 253-269, May. [Downloadable!] (restricted)
  3. John M. Gowdy, 2004. "Toward a New Welfare Foundation for Sustainability," Rensselaer Working Papers in Economics 0401, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  4. John Gowdy & Aneel Salman, 2007. "Climate Change and Economic Development: A Pragmatic Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 337-350. [Downloadable!]
  5. Thi Kim Cuong PHAM & Phu NGUYEN-VAN, 2009. "Endogenous Fiscal Policies, Environmental Quality, and Status-Seeking Behavior," Working Papers of BETA 2009-22, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
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  6. John M. Gowdy, 2005. "Evolutionary Theory and Economic Policy with Reference to Sustainability," Rensselaer Working Papers in Economics 0505, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
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