Deliberative Monetary Valuation (DMV) in Practice

Spash, Clive L. (2007): Deliberative Monetary Valuation (DMV) in Practice. Published in: Land Economics , Vol. 84, No. 3 (2008): pp. 469-488.

Abstract

Economists concerned with validity, defined internally to the profession, are combining stated preference methods with participatory deliberation to address on-going criticism. DMV uses formal methods of deliberation to express values for environmental change in monetary terms. However, the results have begun to define different realms of value, reflecting pluralism in public concern over environmental change. Reviewing empirical DMV studies evidences a range of issues regarded as external to economics and the validity of its methods, issues which are typically kept at arms length by economists namely, multiple values, incommensurability and lexicographic preferences, social justice, fairness, and non-human values.

• Item Type: MPRA Paper
• Language: English
• Keywords: Valuation; Environmental Policy; Refusals to Trade; Lexicographic Preferences; Ethics; Cost-Benefit Analysis; Public Participation; Deliberative Democracy; Institutions
• Subjects: A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values; D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory; D - Microeconomics > D6 - Welfare Economics > D61 - Allocative Efficiency ; Cost-Benefit Analysis; D - Microeconomics > D6 - Welfare Economics > D62 - Externalities; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q51 - Valuation of Environmental Effects; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q57 - Ecological Economics: Ecosystem Services ; Biodiversity Conservation ; Bioeconomics ; Industrial Ecology; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q58 - Government Policy

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