Theories of Failure, Failure of Theories and Non-Market Valuation: A
Non-market valuation of environmental benefits and costs plays a crucial role in environmental decision-making both at the micro and at the macro-levels. This paper basically reviews three theoretical developments embedded in economics, which can provide frameworks to value non-market benefits and costs of changes in environment. The major conclusion of this paper is that non-market valuation should be treated as ‘derived demand’ from any of these theoretical frameworks so that appropriate environmental policy measures can be initiated in the relevant areas.
|Date of creation:||2002|
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