Quotation Spash, Clive. 2007. Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change. Ecological Economics 63 (4): 690-699.


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Abstract

This paper explores and contrasts the different social processes of valuation nowappearing as economic means of valuing the environment. Monetary valuation via stated preference approaches has been criticised for assuming well formed and informed preferences and excluding a range of sustainability concerns such as rights, fairness and equity. Deliberative monetary valuation (DMV) in small groups is a novel hybrid of economic and political approacheswhich raises the prospect of a transformative andmoralising experience. Critics of standard contingent valuation approaches have advocated this as offering a way forward. However there has been a lack of clarity as to the means of obtaining values, the expected outcomes and their role. Moving to group settings of deliberation raises concepts of social willingness to pay and accept which are distinct from an aggregate of individual value, although this does not seemto have been widely recognised. A new classification of values is presented appropriate to the literature trying to merge economic and political processes. Values associated with the individualmay be exchange values, charitable contributions or fair prices, while social values can be speculative, expressive or arbitrated. The use of DMV is shown to result in different values due to variations in the institutional setting and process of valuation.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Ecological Economics
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, STRAT-B, VW-C, WH-B
Language English
Title Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change
Volume 63
Number 4
Year 2007
Page from 690
Page to 699
URL http://www.clivespash.org/2007_Spash_EcolEcon_DMV_final.pdf

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Spash, Clive L. (Details)
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Institute for Multi-Level Governance and Development IN (Details)
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