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Environmental Values

Environmental Valuation: Some Problems of Wrong Questions and Misleading Answers

Jack L. Knetsch

Environmental Values 3(1994): 351-368. doi: 10.3197/096327194776679629

Contingent valuation of people's willingness to pay has rapidly become the method of choice to value all manner of environmental damages. The correct measure is, however, the sum people require to compensate them for such losses, an amount which will normally be far larger than their willingness to pay. And on present evidence, responses to contingent valuation questions are not likely to represent any measure of economic values. The results of these valuation practices will, therefore, bias environmental policies and distort incentives.


KEYWORDS: Contingent valuation, endowment effect, valuation

CITATIONS in other Environmental Values articles:

Valuation as Revelation and Reconciliation. Tim O'Riordan

The Development of Environmental Thinking in Economics. Clive L. Spash

The Disvalue of 'Contingent Valuation' and the Problem of the 'Expectation Gap' Laura Westra

Teleological Presuppositions, and the 'Expectation Gap': A Response to Laura Westra Peter Lucas

Ethical Motives and Charitable Contributions in Contingent Valuation: Empirical Evidence from Social Psychology and Economics Clive L. Spash

Contingent Valuation: Comparing Participant Performance in Group-Based Approaches and Personal Interviews. Nele Lienhoop and Douglas C. MacMillan

The Positioned Construction of Water Values: Pluralism, Positionality and Praxis. Antonio A.R. Ioris

Alien Invasive Species Management: Stakeholder Perceptions of the Barents Sea King Crab. Jannike Falk-Petersen

The Green Economy: Pragmatism or Revolution? Perceptions of Young Researchers on Social Ecological Transformation.Dalia D'Amato, Nils Droste, Sander Chan, Anton Hofer



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