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What is the Value of Rangitoto Island?

Author

Listed:
  • Dan Vadnjal
  • Martin O'Connor

Abstract

Contingent Valuation has been promoted as a catch-all approach to environmental valuation. While there have been numerous attempts in recent years to place monetary values on environmental amenities, studies have often reported a high frequency of protest, zero or inordinately large dollar-value responses. This paper reports on the results of a survey designed to obtain information on how people actually interpret questions of paying to avoid changes in their views of Rangitoto Island. Evidence suggests that the meaning respondents attach to the actual dollar values they offer or bid are inconsistent with the conventional logic that underlies Contingent Valuation. Instead, respondents might be seen to be expressing views about how things ought to be in society, and that it is simply not right to develop Rangitoto Island.

Suggested Citation

  • Dan Vadnjal & Martin O'Connor, 1994. "What is the Value of Rangitoto Island?," Environmental Values, White Horse Press, vol. 3(4), pages 369-380, November.
  • Handle: RePEc:env:journl:ev3:ev320
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    Citations

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    Cited by:

    1. Holstein, Fredrik, 2006. "The Landscape of landscape values," Department of Economics publications 1100, Swedish University of Agricultural Sciences, Department of Economics.
    2. Holstein, Fredrik, 2009. "Environmental values - what’s the point?," Department of Economics publications 2205, Swedish University of Agricultural Sciences, Department of Economics.
    3. Lo, Alex Y., 2013. "Agreeing to pay under value disagreement: Reconceptualizing preference transformation in terms of pluralism with evidence from small-group deliberations on climate change," Ecological Economics, Elsevier, vol. 87(C), pages 84-94.

    More about this item

    Keywords

    Contingent valuation; valuation; protest vote;

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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