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NON‐COMPENSATORY PREFERENCE STRUCTURES IN NON‐MARKET VALUATION OF NATURAL AREA POLICY

NON‐COMPENSATORY PREFERENCE STRUCTURES IN NON‐MARKET VALUATION OF NATURAL AREA POLICY 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

NON‐COMPENSATORY PREFERENCE STRUCTURES IN NON‐MARKET VALUATION OF NATURAL AREA POLICY

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References (28)

Publisher
Wiley
Copyright
Copyright © 1996 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1996.tb00557.x
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Aug 1, 1996

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