Articulation of Plural Values in Deliberative Monetary Valuation: Beyond Preference Economisation and Moralisation

Lo, Alex Y. and Spash, Clive L. (2011): Articulation of Plural Values in Deliberative Monetary Valuation: Beyond Preference Economisation and Moralisation.

Abstract

The use of deliberative methods to assess environmental values in monetary terms has been motivated by the potential for small group discussion to help with preference formation and the inclusion of non-economic values. In this review, two broad approaches are identified: preference economisation and preference moralisation. The former is analytical, concentrates upon issues of poor respondent cognition and produces a narrow conception of value linked to utilitarianism. The latter emphasises political legitimacy, appeals to community values and tends to privilege arguments made in the public interest. Both approaches are shown to embrace forms of value convergence which undermine the prospects for value pluralism. As a result exclusion and predefinition of values dominates current practice. In order to maintain democratic credentials, the importance attributed to monetary value needs to be left as an open question to be addressed as part of a process determining an ‘agreement to pay’. To this end we identify a discourse-based approach as a third way consistent with the democratic and value plural potential of deliberative monetary valuation.

• Item Type: MPRA Paper
• Language: English
• Keywords: environmental valuation; deliberation; stated preferences; democracy; willingness to pay; value pluralism
• Subjects: D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory; D - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying Principles; A - General Economics and Teaching > A1 - General Economics > A13 - Relation of Economics to Social Values; D - Microeconomics > D0 - General > D02 - Institutions: Design, Formation, Operations, and Impact; D - Microeconomics > D6 - Welfare Economics > D61 - Allocative Efficiency ; Cost-Benefit Analysis; D - Microeconomics > D7 - Analysis of Collective Decision-Making > D78 - Positive Analysis of Policy Formulation and Implementation; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q51 - Valuation of Environmental Effects

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