We develop the economist's concept of value as opportunity cost and discuss the ways in which decisions imply values through revealed preference. We distinguish between the ideas of incremental and total value and argue that only the former is of importance in practical decision-making. The relationship between price and value is articulated and related to the distinction between public and private goods. Finally, we enumerate the various ways economists use to determine the value of ecosystem services–these include use of prices, methods of revealed preference, voting schemes and contingent valuation.

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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 98006.

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Date of creation: 01 Apr 1998
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Handle: RePEc:wop:stanec:98006

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1. B. Douglas Bernheim, 1988. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Working Papers 2330, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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   • B. Douglas Bernheim, 1987. "Ricardian Equivalence: An Evaluation of Theory and Evidence," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 263-316 National Bureau of Economic Research, Inc. [Downloadable!]
2. Tjalling C. Koopmans, 1973. "Some Observations on 'Optimal' Economic Growth and Exhaustible Resources," Cowles Foundation Discussion Papers 356, Cowles Foundation, Yale University. [Downloadable!]

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