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Resolving the problems of commensurability in valuing water

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  • Petra Hellegers
  • Brian Davidson

Abstract

In this paper a framework is presented for comparing the values derived from the different dimensions of water, without incurring the problems of commensurability. The framework is based on the concept of opportunity cost, which values any good by what one is willing to sacrifice to get it, which is a way of comparing seemingly different things. By simulating changes to a water resource and then measuring the economic, social and environmental impacts in metrics common and accepted by each dimension, a curve of the trade-offs between each metric can be derived. This makes trade-offs intrinsic to decision-making explicit.

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  • Petra Hellegers & Brian Davidson, 2021. "Resolving the problems of commensurability in valuing water," Water International, Taylor & Francis Journals, vol. 46(5), pages 637-651, July.
    • Handle: RePEc:taf:rwinxx:v:46:y:2021:i:5:p:637-651
    DOI: 10.1080/02508060.2021.1935576
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