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Deliberative Monetary Valuation (DMV) in Theory

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  • Clive L Spash

    (CSIRO Sustainable Ecosystems, Australia)

Abstract

This paper explores and contrasts the different social processes of valuation now appearing as economic means of valuing the environment. Monetary valuation via stated preference approaches has been criticised for assuming well formed and informed preferences and excluding a range of sustainability concerns such as rights, fairness and equity. Deliberative monetary valuation (DMV) in small groups is a novel hybrid of economic and political approaches which raises the prospect of a transformative and moralising experience. Critics of standard contingent valuation approaches have advocated this as offering a way forward. However there has been a lack of clarity as to the means of obtaining values, the expected outcomes and their role. Moving to group settings of deliberation raises concepts of social willingness to pay and accept which are distinct from an aggregate of individual value, although this does not seem to have been widely recognised. A new classification of values is presented appropriate to the literature trying to merge economic and political processes. Values associated with the individual may be exchange values, charitable contributions or fair prices, while social values can be speculative, expressive or arbitrated. The use of DMV is shown to result in different values due to variations in the institutional setting and process of valuation.

Suggested Citation

  • Clive L Spash, 2007. "Deliberative Monetary Valuation (DMV) in Theory," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2007-01, CSIRO Sustainable Ecosystems.
  • Handle: RePEc:cse:wpaper:2007-01
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    References listed on IDEAS

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    Cited by:

    1. yves Meinard & Olivier Cailloux, 2021. "Deliberation in Valuation and Decision Making: A Conceptual Clarification," Post-Print hal-03487127, HAL.
    2. Christos Zografos & Richard B. Howarth, 2010. "Deliberative Ecological Economics for Sustainability Governance," Sustainability, MDPI, vol. 2(11), pages 1-19, October.
    3. Christie, Mike & Fazey, Ioan & Cooper, Rob & Hyde, Tony & Kenter, Jasper O., 2012. "An evaluation of monetary and non-monetary techniques for assessing the importance of biodiversity and ecosystem services to people in countries with developing economies," Ecological Economics, Elsevier, vol. 83(C), pages 67-78.
    4. Vatn, Arild, 2009. "An institutional analysis of methods for environmental appraisal," Ecological Economics, Elsevier, vol. 68(8-9), pages 2207-2215, June.

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    More about this item

    Keywords

    Deliberative Monetary Valuation (DMV); economy; environment; sustainability;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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