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A Critique of Conventional Non-market Valuation: Attitudes and Action

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  • Choi, Andy Sungnok
  • Bennett, Jeffrey W.

Abstract

This paper revisits two conventional beliefs of environmental nonmarket valuation and examines their weaknesses and a new opportunity. The two beliefs are that willingness to pay (WTP) is an appropriate measure of non-market behaviour and that exogenous variables are relevant predictors of WTP whilst endogenous variables are not. The contemporary literature in psychology and economics is reviewed to demonstrate departures from these two beliefs.

Suggested Citation

  • Choi, Andy Sungnok & Bennett, Jeffrey W., 2006. "A Critique of Conventional Non-market Valuation: Attitudes and Action," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 174461, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare06:174461
    DOI: 10.22004/ag.econ.174461
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