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Knowledge and the valuation of public goods and experiential commodities: information provision and acquisition

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  • Clem Tisdell

Abstract

Provides empirical evidence of deficient knowledge of public goods and experiential commodities. It considers whether information provision about the characteristics of these commodities is likely to result in individuals' finding their 'true' preferences, and identifies the nature of information that should be conveyed to enable commodities to be appropriately valued. It recognises that some commodities contain attributes that individuals are unable to evaluate. Furthermore, individuals acquire and filter information about commodities, and these endogenous activities require analysis. Cost-benefit analysis of information acquisition suggests that individuals are less likely to acquire information about public goods than private goods. Even when underlying meta-values of commodities are stationary, perceived values of commodities may vary due to elicitation procedures and information provision, and subsequent crowding out and forgetting of information about the focal commodities. This makes it difficult to determine the appropriate contingent values to use.

Suggested Citation

  • Clem Tisdell, 2007. "Knowledge and the valuation of public goods and experiential commodities: information provision and acquisition," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(2/3), pages 170-182.
  • Handle: RePEc:ids:gbusec:v:9:y:2007:i:2/3:p:170-182
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    References listed on IDEAS

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    1. Tisdell, Clement A. & Alauddin, Mohammad, 2002. "Market-Oriented Reforms in Bangladesh and their Impact on Poverty?," Economic Theory, Applications and Issues Working Papers 90521, University of Queensland, School of Economics.
    2. Tisdell, Clement A., 2005. "An Overview and Assessment of The Economics of Leisure," Economic Theory, Applications and Issues Working Papers 90540, University of Queensland, School of Economics.
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    Cited by:

    1. Clem Tisdell & Clevo Wilson, 2012. "Nature-based Tourism and Conservation," Books, Edward Elgar Publishing, number 13773.
    2. Tisdell, Clement A., 2007. "Valuing the Otago Peninsula: The Economic Benefits of Conservation," Economics, Ecology and Environment Working Papers 55104, University of Queensland, School of Economics.
    3. Elena Ojea & Maria L. Loureiro, 2009. "Valuation Of Wildlife: Revising Some Additional Considerations For Scope Tests," Contemporary Economic Policy, Western Economic Association International, vol. 27(2), pages 236-250, April.

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