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.
Copyright Owner
The University of New Mexico
Copyright Date
1995
Language
en
File Format
application/pdf
Recommended Citation
Binger, Brian R.; Copple, Robert; and Hoffman, Elizabeth, "Contingent Valuation Methodology in the Natural Resource Damage Regulatory Process: Choice Theory and the Embedding Phenomenon" (1995). Economics Publications. 330.
https://lib.dr.iastate.edu/econ_las_pubs/330
Included in
Behavioral Economics Commons, Health Economics Commons, Physical and Environmental Geography Commons, Public Economics Commons, Regional Economics Commons
Comments
This article is from National Resources Journal, 1995, 35(3); 443, Posted with permission.