Money, Who Needs It? Natural Resource Damage Assessment
A new natural resource damage assessment paradigm has been suggested that emphasizes direct analysis of compensatory restoration rather than analysis of compensating variation for damages. This article considers whether money can be avoided in damage assessment. The analysis of compensatory restoration leads to the conclusion that money should be considered when measuring preferences. Failure to consider money leaves trustees unable to judge the adequacy of compensatory restoration. The problem stems from heterogeneity over restoration scale. Copyright 2002 Western Economic Association International.
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Volume (Year): 20 (2002)
Issue (Month): 2 (04)
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