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Preferences, Information and Biodiversity Preservation

Author

Listed:
  • Nick Hanley
  • Clive L Spash

Abstract

Thi~ paper con~iders the nature of preferences for the preservation of biodiversity, and the extent to which individuab are well-informed about biodiversity. We present evidence that the elicitation of monetary bids to pay for biodiversity preservation, as required for cost-benefit analysis, fails as a measure of welfare changes due to the prevalence of preferences which neoclassical economics defines as lexicographic. That is, a ~ignificant proportion of individuals refuse to make trade-offs which require the substitution of biodiver~ity for other goods. In addition, we show that understanding of the biodiver~ity concept is extremely limited, raising concerns over a reliance on stated preferences, as revealed in contingent valuation studies, for decision-making on this issue. Results from two samples (students and the general public) are described.
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Suggested Citation

  • Nick Hanley & Clive L Spash, 1993. "Preferences, Information and Biodiversity Preservation," Working Papers Series 93/12, University of Stirling, Division of Economics.
    • Handle: RePEc:stl:stlewp:93/12
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    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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