Deliberative Monetary Valuation (DMV) in Theory

Clive Spash

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explores and contrasts the different social processes of valuation now appearing as economic means of valuing the environment. Monetary valuation via stated preference approaches has been criticised for assuming well formed and informed preferences and excluding a range of sustainability concerns such as rights, fairness and equity. Deliberative monetary valuation (DMV) in small groups is a novel hybrid of economic and political approaches which raises the prospect of a transformative and moralising experience. Critics of standard contingent valuation approaches have advocated this as offering a way forward. However there has been a lack of clarity as to the means of obtaining values, the expected outcomes and their role. Moving to group settings of deliberation raises concepts of social willingness to pay and accept which are distinct from an aggregate of individual value, although this does not seem to have been widely recognised. A new classification of values is presented appropriate to the literature trying to merge economic and political processes. Values associated with the individual may be exchange values, charitable contributions or fair prices, while social values can be speculative, expressive or arbitrated. The use of DMV is shown to result in different values due to variations in the institutional setting and process of valuation.

Keywords: Valuation; Environmental Values; Political Process; Participation; Deliberation; Cost-Benefit Analysis; Public Policy; Ethics; Willingness to Pay; Willingness to Accept; Exchange Value (search for similar items in EconPapers)
JEL-codes: A13 D61 D62 Q51 Q57 Q58 (search for similar items in EconPapers)
Date: 2007-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published in Ecological Economics 4.63(2007): pp. 690-699

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Related works:
Working Paper: Deliberative Monetary Valuation (DMV) in Theory (2007)
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