Environmental Valuation: Some Problems of Wrong Questions and Misleading Answers

Author: Knetsch, Jack L.

Source: Environmental Values, Volume 3, Number 4, November 1994 , pp. 351-368(18)

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Abstract:

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

Document Type: Research article

Publication date: 1994-11-01

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Environmental Values is an international peer-reviewed journal that brings together contributions from philosophy, economics, politics, sociology, geography, anthropology, ecology and other disciplines, which relate to the present and future environment of human beings and other species. In doing so we aim to clarify the relationship between practical policy issues and more fundamental underlying principles or assumptions.

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