A Critique of Conventional Non-market Valuation: Attitudes and Action

Andy Choi () and Jeffrey Bennett

No 174461, 2006 Conference (50th), February 8-10, 2006, Sydney, Australia from Australian Agricultural and Resource Economics Society

Abstract: This paper revisits two conventional beliefs of environmental nonmarket valuation and examines their weaknesses and a new opportunity. The two beliefs are that willingness to pay (WTP) is an appropriate measure of non-market behaviour and that exogenous variables are relevant predictors of WTP whilst endogenous variables are not. The contemporary literature in psychology and economics is reviewed to demonstrate departures from these two beliefs.

Keywords: Institutional and Behavioral Economics; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 24
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare06:174461

DOI: 10.22004/ag.econ.174461

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