A novel framework to operationalise value-pluralism in environmental valuation: Environmental value functions

Pirta Palola, Richard Bailey and Lisa Wedding

Ecological Economics, 2022, vol. 193, issue C

Abstract: The environmental valuation literature has, to date, been governed by the single ontology/epistemology of neoclassical environmental economics and monetary valuation, which has led to a mis- or un-representation of other ways of understanding and conceptualising environmental value. Consequently, calls have been made to better represent plural values in environmental valuation studies. Additionally, the environmental valuation literature has been characterised by a prevalent focus on the assessment of total or absolute value of ecosystems. Yet, there appears to be a consensus that the examination of marginal or relative changes in value would in fact be more informative.

Keywords: Environmental valuation; Value function; Value-pluralism; Marginal value; Binary value; Multi-criteria decision-analysis (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolec:v:193:y:2022:i:c:s0921800921003864

DOI: 10.1016/j.ecolecon.2021.107327

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