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The Regrettable Necessity of Contingent Valuation

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  • Richard Epstein

Abstract

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

Suggested Citation

  • Richard Epstein, 2003. "The Regrettable Necessity of Contingent Valuation," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 259-274, November.
  • Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:259-274
    DOI: 10.1023/A:1026375220210
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    References listed on IDEAS

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    1. S. V. Ciriacy-Wantrup, 1947. "Capital Returns from Soil-Conservation Practices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 29(4_Part_II), pages 1181-1196.
    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.
    3. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
    Full references (including those not matched with items on IDEAS)

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 218 – Valuing environmental intangibles, part 1: The options
      by David Pannell in Pannell Discussions on 2012-06-26 17:07:12

    Citations

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    Cited by:

    1. Bruno S. Frey, "undated". "What Values Should Count in the Arts? The Tension between Economic Effects and Cultural Value," IEW - Working Papers 253, Institute for Empirical Research in Economics - University of Zurich.
    2. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(1), pages 19-33, February.
    3. repec:spr:jhappi:v:20:y:2019:i:1:d:10.1007_s10902-017-9942-2 is not listed on IDEAS
    4. Nikola Jovanoski, 2015. "Estimating the Value of Preserving the Doubs," IRENE Working Papers 15-02, IRENE Institute of Economic Research.
    5. Alberini, Anna & Longo, Alberto & Riganti, Patrizia, 2006. "Using Surveys to Compare the Public's and Decision-makers' Preferences for Urban Regeneration: The Venice Arsenale," Sustainability Indicators and Environmental Valuation Working Papers 12221, Fondazione Eni Enrico Mattei (FEEM).
    6. Victor Ginsburgh & Olivier Gergaud, 2013. "Measuring the effect of cultural events with special emphasis on music festivals," ULB Institutional Repository 2013/152437, ULB -- Universite Libre de Bruxelles.
    7. Blomquist Glenn C. & Troske Kenneth R. & Coomes Paul A. & Jepsen Christopher & Koford Brandon C., 2014. "Estimating the social value of higher education: willingness to pay for community and technical colleges," Journal of Benefit-Cost Analysis, De Gruyter, vol. 5(1), pages 1-39, January.
    8. Svoboda, Frantisek, 2011. "In search of value: Vienna School of Art History, Austrian value theory and the others," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 428-435, August.
    9. Anna Alberini & Alberto Longo & Patrizia Riganti, 2006. "Using Surveys to Compare the Public’s and Decisionmakers’ Preferences for Urban Regeneration: The Venice Arsenale," Working Papers 2006.137, Fondazione Eni Enrico Mattei.
    10. repec:cpt:journl:v::y:2016:i:144:p:165-197 is not listed on IDEAS
    11. Riganti, Patrizia & Nijkamp, Peter, 2007. "Congestion in popular tourist areas: A multi-attribute experimental choice analysis Of willingness-to-wait in amsterdam," Serie Research Memoranda 0009, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Olivier Gergaud & Victor Ginsburgh, 2016. "Evaluating the Economic Effects of Cultural Events," Working Papers ECARES ECARES 2016-24, ULB -- Universite Libre de Bruxelles.
    13. Boter, Jaap & Rouwendal, Jan & Wedel, Michel, 2004. "Employing Travel Costs to Compare the Use Value of Competing Cultural Organizations," Serie Research Memoranda 0011, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    14. Tiziana Cuccia, 2011. "Contingent Valuation," Chapters,in: A Handbook of Cultural Economics, Second Edition, chapter 13 Edward Elgar Publishing.
    15. J. Snowball, 2005. "Art for the Masses? Justification for the Public Support of the Arts in Developing Countries – Two Arts Festivals in South Africa," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 107-125, May.
    16. Alberini, Anna & Longo, Alberto, 2007. "Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation," Sustainability Indicators and Environmental Valuation Working Papers 9337, Fondazione Eni Enrico Mattei (FEEM).
    17. Olivier Gergaud & Victor Ginsburgh, 2017. "Measuring the Economic Effects of Events Using Google Trends," ULB Institutional Repository 2013/277406, ULB -- Universite Libre de Bruxelles.

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