Campus Units

Economics

Document Type

Article

Publication Version

Published Version

Publication Date

Summer 1995

Journal or Book Title

Natural Resources Journal

Volume

35

Issue

3

First Page or Article ID Number

443

Last Page

460

Abstract

In their most recent article on the use of Contingent Valuation Methodology ("CVM") in the natural resource damages assessment ("NRDA") process, the authors take issue with the CVM components of the National Oceanic and Atmospheric Administration's ("NOAA") proposed NRDA rules. In particular, the authors argue that NOAA's proposed NRDA process does not comport with basic tenets of choice theory and that the CVM safeguards created by NOAA are not adequate to address the inherent, and perhaps irreconcilable, flaws in CVM assessments. To illustrate their arguments, the authors examine and criticize NOAA's treatment and general disregard of the embedding phenomenon. The author's argue that the existence of the embedding phenomenon in CVM valuations demonstrates the inappropriateness of CVM as a regulatory tool in the NRDA process.

Comments

This article is from National Resources Journal, 1995, 35(3); 443, Posted with permission.

Copyright Owner

The University of New Mexico

Language

en

File Format

application/pdf