Non-compensatory preference structures in non-market valuation of natural area policy.
Lockwood, M (1996) Non-compensatory preference structures in non-market valuation of natural area policy. Australian Journal of Agricultural Economics, 40 (2). pp. 85-101. ISSN 0004-9395.
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Official URL: http://ageconsearch.umn.edu/handle/22394
Non-compensatory preferences may form a significant component of individuals' values for non-market goods such as natural areas, especially in the context of a reduction in environmental quality. The widespread neglect of such preferences can result in erroneous estimates of changes in economic welfare. Non-market valuation using techniques such as contingent valuation therefore need to take into account the possibility that some individuals hold noncompensatory preferences. The formal structure of the lexicographic noncompensatory ordering is described, and the theoretical implications of an individual holding such preferences over some region of goods space is examined. A method for the empirical identification of non-compensatory preference orderings is outlined.
|Keywords:||Environmental Economics, Policy, Institutional, Behavioral Economics |
|Deposited By:||Mrs J B Newton|
|Deposited On:||24 Feb 2009 14:04|
|Last Modified:||24 Feb 2009 14:04|
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