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The Regrettable Necessity of Contingent Valuation

  • Richard Epstein
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    Ordinary markets allow parties, not the state, to value property and projects. But they do not account for subjective value in such traditional contexts as condemnation. An awareness of these nonmarket values helps overcome any categorical opposition to the use of the contingent valuation method (CVM) to value cultural and environmental resources. But accurate CVM should measure all values, positive or negative, tononowners; it should apply generally to any substitute projects; and it should seek to account for diminishing marginal value of additional resource units. CVM should be used only to aggregate nonmarket preferences, not to skew the political debate to cultural or environmental objectives. Copyright Kluwer Academic Publishers 2003

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    File URL: http://hdl.handle.net/10.1023/A:1026375220210
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    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 27 (2003)
    Issue (Month): 3 (November)
    Pages: 259-274

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    Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:259-274
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    1. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
    2. Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
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