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Published byLynne Sutton Modified over 8 years ago
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Value Mapping A View from Economics Ralph Lattimore Hope 4 February, 2007
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Whose Values? General and specific publics Politicians Parliament Tax payers Experts (disciplines)
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Economics schema Market efficiency and distributional equity Market failure and/or inequity Bureaucratic failure Political failure Policy correction
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Standard Text Abelson, Peter (2003). Public Economics: Principles and Practice. Sydney: Applied Economics.
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Revealed Preference Methods Attempts to discover unbiased, consistent values from the general public where markets exist examples include: Markets and close substitutes (eg Costanza) Hedonic price studies Travel cost studies Defensive expenditures
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Stated Preference Methods Where non-market services are involved. They include: Stakeholder surveys, focus groups and value indicators Contingent valuation Choice modelling
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What’s Being Measured? Potentially, all components of value Social, economic, cultural and environmental Disciplinary metrics will vary – e.g. social cohesion (sociology), surpluses (economics) What frameworks and metrics are scientists using?
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Empirical Issues Extracting quality information The general public has limited information (latent values) Disciplinary experts also have limited information (and always will have) – the more we know, the more questions arise. Data costs: stated preference methods require primary data – very high cost
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