Market simulation and the provision of public goods: a non-paternalistic response to anomalies in environmental evaluation

Sugden, Robert (2009) Market simulation and the provision of public goods: a non-paternalistic response to anomalies in environmental evaluation. Journal of Environmental Economics and Management, 57 (1). pp. 87-103.

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Abstract

Most normative economics assumes that individuals have coherent preferences. This paper responds to growing evidence of failures of this assumption, particularly in the context of stated-preference methods widely used in environmental policy analysis. It proposes a non-paternalistic concept of consumer sovereignty that does not assume preference coherence, is satisfied by competitive markets, and can be applied to the provision of public goods. A key implication is that decisions should reflect valuations revealed ‘at the point of consumption’. Such valuations, which can be inferred from hedonic prices, may be less susceptible to willingness-to-accept (WTA)/willingness-to-pay (WTP) disparities than those elicited by stated-preference methods.

Item Type: Article
Uncontrolled Keywords: market simulation,public goods,paternalism,environmental evaluation
Faculty \ School: Faculty of Social Sciences > School of Economics
Depositing User: Gina Neff
Date Deposited: 13 Jan 2011 11:09
Last Modified: 06 Nov 2018 15:37
URI: https://ueaeprints.uea.ac.uk/id/eprint/18414
DOI: 10.1016/j.jeem.2008.09.001

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