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• W60508007 abstract "For many environmental economists, working within the framework of neo-classical theory, environmental problems are best conceived as cases ofmarket failure' - the failure of actual markets to display the efficiency of resource allocation whichideal' markets can be demonstrated to achieve. Hence the solution to such problems consists in removing such inefficiencies, especially those due to externalities - costs and benefits which have not been incorporated into actual market transactions. One favoured means for doing this has been the use of some form of cost-benefit analysis (CBA). But what exactly should be included in such analyses: what are to be regarded as the relevant costs and benefits of economic decisions with environmental effects? In the early days of CBA, a relatively narrow view was taken of these, restricting them, roughly speaking, to those which in other contexts were already subject to market-pricing. But in response to claims that this procedure still failed to take into account significant aspects of thevalue' people attributed to the environment, CBA came to be developed in a more extended form: the concept of externalities was broadened to include the so-calledintangible' values involved in people's aesthetic appreciation of nature, or their valuing of wilderness, of kinds of natural landscape, of the sheer existence of certain species (`existence-value'), and so on. The example of river pollution may be used to illustrate this difference between narrow and broad conceptions of externalities. Suppose a firm discharges its waste into a river, but that further down the river another firm makes use of this water for its own productive purposes. The effect of the first firm's discharges is that the second firm has to purify the river water before using it. This is a straightforward case of market failure due tonarrow' externalities: the first firm is imposing a cost on the second, but since this cost does not register in its own calculations, CBA may be used to modify the decision that would otherwise be made, and restore efficiency. But there may also, or instead, be people who attribute other kinds of value to the unpolluted river water: for instance, to its aesthetic or symbolic properties, or to its ability to support various species of fish or plant-life. They may regard the pollution as a desecration of nature, or as having effects that are ethically wrong or impermissible, and so on. By broadening the concept of externalities, an extended form of CBA will regard these too as relevant costs. Attempts will thus be made to put a price on them by the use of methods such as `contingent valuation' (CVM), in which people are asked how much they are willing to pay (WTP) to preserve the river in its unpolluted condition, or willing to accept (WTA) in compensation for its being polluted. But this seemingly more environmentally-friendly form of CBA has met with considerable criticism. In a trenchant and influential critique (Sagoff 1988), Mark Sagoff has argued that, in the kind of example just noted, it is a serious error to regard these ethical or aesthetic objections to pollution as further kinds of external cost that" @default.
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• W60508007 date "1997-05-01" @default.
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• W60508007 title "VALUES AND PREFERENCES IN NEO-CLASSICAL ENVIRONMENTAL ECONOMICS" @default.
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• W60508007 doi "https://doi.org/10.4324/9780203441220-8" @default.
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