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Environmental Resource Valuation - Applications of the Contingent Valuation Method in Italy (Paperback, Softcover reprint of the original 1st ed. 1998)
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Environmental Resource Valuation - Applications of the Contingent Valuation Method in Italy (Paperback, Softcover reprint of the original 1st ed. 1998)
Series: Studies in Risk and Uncertainty, 11
Expected to ship within 10 - 15 working days
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Economic values are increasingly used in policy analysis and legal
settings. With the growing recognition that many of the things that
benefit or harm people are outside the market system, have come
increasing efforts to develop nonmarket valuation techniques. One
such technique is the contingent valuation method (CVM). CVM seeks
to value environmental and other nonmarket goods and services by
asking individuals about their values using survey methods. These
procedures are different from the `revealed-preference' methods
that economists have historically employed to estimate economic
values. Why depart from well-established revealed-preference
procedures and apply a `stated-preference' method like CVM? For
nonmarket goods and services, revealed-preference methods have two
shortcomings that those applying CVM hope to avoid. First,
revealed-preference methods involve econometric problems that have
yet to be fully overcome. The second shortcoming of
revealed-preference methods is that such methods, when applied to
environmental amenities, are likely to be only partial measures of
value. Given the tremendous interest that exists in economic values
and the limitations of revealed-preference methods, it is not
surprising that interest in CVM has grown rapidly. Environmental
Resource Valuation reviews the application of CVM and compares
American experiences in nonmarket evaluation with those in other
countries.
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