Digital Library of the Commons hidden
Image Database Export Citations


Property Rights, Choice and Contingent Valuation

Show full item record

Type: Conference Paper
Author: Vadnjal, Dan T.
Conference: Common Property in Ecosystems Under Stress, the Fourth Annual Conference of the International Association for the Study of Common Property
Location: Philippines
Conf. Date: June 16-19
Date: 1993
Sector: Theory
Subject(s): property rights
Abstract: "A desire for expedient decision-making, often under the auspices of Cost-Benefit Analysis, has popularised applications of Contingent Valuation for estimating the monetary value of numerous non-market goods and bads. While enjoying an extended period of application, notably over the last decade, Contingent Valuation would appear to have come under the scrutiny of a particularly critical audience. In this paper, I want to explore several dimensions of neoclassical choice theory, which might assist in offering some explanation for difficulties that arise in Contingent Valuation, particularly on matters of the environment. In the case of environmental goods, it is likely that respondents to a contingent valuation exercise will: (i) have a preconceived view of what should be the structure of property rights, which may or may not coincide with that structure of property rights implied by questions of willingness to pay and willingness to accept compensation; (ii) act according to a self-imposed ethical or moral code which will not conform to the usual conceptualisations of choice behaviour in neoclassical choice theory. To provide for a realistic contingent valuation of environmental goods, we require some ex ante knowledge of the institutional structure of property rights and a more thorough understanding of the conceptual dimensions of respondent choice behaviour."

Files in this item

Files Size Format View
Property Rights ... d Contingent Valuation.pdf 263.8Kb PDF View/Open

The following license files are associated with this item:

This item appears in the following document type(s)

Show full item record