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Environmental Preservation and Majority Decisions

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  • Hans Gersbach

Abstract

In this paper we bring together the quasi-option value literature with a majority rule community decision-making scheme. It is shown that the quasi-option value is positive for a majority of voters if there exists a median voter who is dictatorial. However, the quasi-option value can be negative for a majority, or all community members, given the standard assumptions of the literature for which the quasi-option value for a single decision-maker would always be positive. But in some cases, this leads to majority decisions in favor of the irreversible development of natural resources when future information is taken into account.

Suggested Citation

  • Hans Gersbach, 1993. "Environmental Preservation and Majority Decisions," Land Economics, University of Wisconsin Press, vol. 69(2), pages 147-155.
  • Handle: RePEc:uwp:landec:v:69:y:1993:i:2:p:147-155
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    Cited by:

    1. Messner, Matthias & Polborn, Mattias K., 2012. "The option to wait in collective decisions and optimal majority rules," Journal of Public Economics, Elsevier, vol. 96(5), pages 524-540.

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