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Do existence values for cost benefit analysis exist?

  • M. Common
  • I. Reid
  • R. Blamey
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    The use of the contingent valuation method to generate estimates of existence value for input to cost benefit analysis requires that individuals have utility functions defined over the relevant arguments. The validity of the assumption that the required utility functions generally exist has been questioned. It has been argued that some individuals will respond on the basis of lexicographic preference orderings. It has also been argued that some individuals do not consider that market, or individual willingness to pay, criteria are appropriate where existence value type issues are at stake. The paper considers survey evidence bearing upon these arguments. It is concluded that the evidence is consistent with the view that it is incorrect to proceed on the assumption that individuals generally satisfy the assumptions required for the existence of existence values for use in cost benefit analysis. Copyright Kluwer Academic Publishers 1997

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    File URL: http://hdl.handle.net/10.1007/BF02441379
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    Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

    Volume (Year): 9 (1997)
    Issue (Month): 2 (March)
    Pages: 225-238

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    Handle: RePEc:kap:enreec:v:9:y:1997:i:2:p:225-238
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100263

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    1. Jeffrey W. Bennett, 1984. "Using Direct Questioning To Value The Existence Benefits Of Preserved Natural Areas," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 28(2-3), pages 136-152, 08-12.
    2. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
    3. R.K. Blamey & Mick S. Common & John C. Quiggin, 1995. "Respondents To Contingent Valuation Surveys: Consumers Or Citizens?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 39(3), pages 263-288, December.
    4. Nick Hanley & Clive L Spash, 1993. "Preferences, Information and Biodiversity Preservation," Working Papers Series 93/12, University of Stirling, Division of Economics.
    5. Kirchgassner, Gebhard & Pommerehne, Werner W, 1993. " Low-Cost Decisions as a Challenge to Public Choice," Public Choice, Springer, vol. 77(1), pages 107-15, September.
    6. Thomas H. Stevens & Jaime Echeverria & Ronald J. Glass & Tim Hager & Thomas A. More, 1991. "Measuring the Existence Value of Wildlife: What Do CVM Estimates Really Show?," Land Economics, University of Wisconsin Press, vol. 67(4), pages 390-400.
    7. Edwards, Steven F., 1986. "Ethical Preferences And The Assessment Of Existence Values: Does The Neoclassical Model Fit?," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 15(2), October.
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