IDEAS home Printed from
   My bibliography  Save this article

Environmental Valuation and Rationality


  • Arild Vatn


Economic valuation of the envi- structuring the empirical model, or adding ronment is disputed, in part, due to the number auxiliary hypotheses. The presumption is of anomalies. Reactions to these anomalies have that consistent preferences are there just included adding new auxiliary hypotheses to the to be uncovered. Thus, errors are “mea- core model or dismissing the whole undertaking. surement This paper takes a third route, and uses observa- biases” to be corrected by retions made in valuation studies to improve choice fined methods (Mitchell and Carson theory. The paper covers the information prob- 1989) . Certainly, many studies can be critlem, the issue of preference formation, and under- icized for being of low quality. Still, the lines the role of the social sphere in defining what development of concepts like “starting becomes individually rational. While the findings point bias,” “posit ion bias,” “question ormay not simplify theory, they may help us be- der bias,” “yea-saying,” “protest bids,” come more realistic and to understand errors pro- and “part-whole bias” all seem very ad duced by illegitimate simplifications.

Suggested Citation

  • Arild Vatn, 2004. "Environmental Valuation and Rationality," Land Economics, University of Wisconsin Press, vol. 80(1), pages 1-18.
  • Handle: RePEc:uwp:landec:v:80:y:2004:i:1:p:1-18

    Download full text from publisher

    File URL:
    Download Restriction: A subscripton is required to access pdf files. Pay per article is available.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • D6 - Microeconomics - - Welfare Economics


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uwp:landec:v:80:y:2004:i:1:p:1-18. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.