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Environmental Preservation and Majority Decisions

Listed author(s):
  • Hans Gersbach

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.

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File URL: http://www.jstor.org/stable/pdfplus/3146515
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 69 (1993)
Issue (Month): 2 ()
Pages: 147-155

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Handle: RePEc:uwp:landec:v:69:y:1993:i:2:p:147-155
Contact details of provider: Web page: http://le.uwpress.org/

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