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The Regrettable Necessity of Contingent Valuation

Richard Epstein

Journal of Cultural Economics, 2003, vol. 27, issue 3, 259-274

Abstract: Ordinary markets allow parties, not the state, to value property and projects. But they do not account for subjective value in such traditional contexts as condemnation. An awareness of these nonmarket values helps overcome any categorical opposition to the use of the contingent valuation method (CVM) to value cultural and environmental resources. But accurate CVM should measure all values, positive or negative, tononowners; it should apply generally to any substitute projects; and it should seek to account for diminishing marginal value of additional resource units. CVM should be used only to aggregate nonmarket preferences, not to skew the political debate to cultural or environmental objectives. Copyright Kluwer Academic Publishers 2003

Keywords: contingent valuation; market valuations; public goods; subjective value (search for similar items in EconPapers)
Date: 2003
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Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:259-274