Economic environmental valuation remains a much debated and contested issue. Concerns have been voiced that it is unable to capture the manifold immaterial values of ecosystems due to conceptual and methodological issues. Thus, additional value categories (social values) as well as novel valuation approaches like deliberative (monetary) valuation are areas of growing interest, yet the theoretical foundations are rather weak. Against this background, this article aims to develop a consistent conceptual framework for making sense of social (...) values in economic environmental valuation. Based on a holistic view of society and individuals, the role of institutions, the social environment, culture and transcendental values is emphasised. To synthesise diverging concepts of value into an economic concept and to account for the multidimensionality of social values, the framework consists of three spheres: social, natural and contextual. The novel framework demonstrates that social values may be integrated into a preference-based utility framework when denoting a holistic understanding of social preferences and human embeddedness in nature and society. (shrink)

The paper discusses some of the criticisms of contingent valuation (CV) and allied techniques for estimating the intensity of peoples' preferences for the environment. The weakness of orthodox utilitarian assumptions in economics concerning the commensurability of all items entering into peoples' choices is discussed. The concept of commensurability is explored as is the problem of rational choice between incommensurate alternatives. While the frequent claim that the environment has some unique moral intrinsic value is unsustainable, its preservation often raises ethical (...) and other motivations that are not commensurate with the values that people place on ordinary marketable goods. Nevertheless, CV is also claimed to have some advantages and it is concluded that little progress will be made in this area until both sides in the debate recognise what is valid in their opponents' arguments. (shrink)

Cost-benefit analysis is widely acknowledged to be an appropriate tool for providing advice to policy makers on the optimal use and management of natural resources. However, a great deal of research has indicated that the assumptions made in cost-benefit analysis concerning the natural environment diverge from real world observations. In this paper I discuss these observed divergences. To do so, I introduce the concept of Natura economica. Natura economica is the environment as it is understood in economic analysis in general, (...) and cost-benefit analysis in particular, namely as a bundle of commodities with potential market value. I argue that if this understanding of nature and its value is very different from what is generally observed, it reduces the value of the resulting policy recommendations. I then suggest four questions that policy makers should ask when they evaluate their choice of appraisal methods. If the answer is 'yes' to all of them, then cost-benefit analysis can provide valid information. However, if the answer to any of these questions is 'no', other methods, such as multicriteria analysis and participatory processes, should be considered in order to arrive at better-founded policy recommendations. (shrink)

How can we value the environment, this is the crucial issue that this book debates. The critical analyses carried out within the book by such figures as Nick Hanley and Jonathan Aldred are vital to ensuring that future economic growth is not achieved at the expense of our environment.

The idea of inclusive collective decision-making is important in establishing democratic legitimacy, but it fails when citizens are excluded. Stated-preference methods of valuation, which are commonly used in economics, have been criticised because the principle of willingness to pay may exclude low-income earners who do not have the capacity to pay. Deliberative valuation has been advocated as a way to overcome this problem, but deliberation may also be exclusive. In this review, two deliberative valuation frameworks are compared. (...) The first is grounded on the idea of rational discourse that emphasises argument at the expense of other communicative strategies. It seeks to secure inclusion through procedural rules and prerequisites, but fails to address the underlying democratic limitation of argumentation. The second does not rely on the distinction between rational and rhetorical speech, and therefore admits alternative forms of communication. This approach recognises differences in the communicative capacities and practices of those who take part in deliberation, and so is better equipped to improve, though not to guarantee, inclusion. (shrink)

The origins of both economic and philosophical value theory are examined and shown to be closely related. The status of neo-classical value theory is that it is internally flawed in any attempt to describe the real world. Cost-benefit analysis as it applies to the valuation of environmental agents relies upon the claim that this neo-classical theory has a particular status in optimal welfare maximisation and, therefore, suffers the same problems of internal consistency. Economic valuation of the environment (...) is not a scientific process derived from external law but a social process relying upon social agreement. Alternatives to economic valuation are considered and may possess a more plausible social base. However, all environmental valuation is at odds with beliefs based upon the existence of objective and intrinsic values. (shrink)

Environmental economic valuations of biodiversity are an increasingly active field of academic inquiry, often presented as a prominent means to rationalize decision-making on environmental issues. However, the meaning of this argument is unclear, because it uses the term “rationalize” in a loose way. This argument, as it is typically formulated in the literature, makes it look as though economic valuations do not involve any value-judgment by economists: by emphasizing rationalization, this argument silences value-judgements. This blind spot is critical, (...) since environmental inequalities are pervasive in economic valuations and their applications, and environmental decision making hence unavoidably involves value-judgements. In this article, we identify conditions upon which environmental economic valuations can truly contribute to rationalizing decision making, despite environmental inequalities. We review the main arguments found in the literature to entrench the credentials of economic approaches to rationalize decision-making, and argue that these approaches fail, at a fundamental level. We then argue that the key for economic valuations to truly contribute to rationalization is that their usage should be embedded in the deployment of what we will call a justificatory task. We then take advantage of an analysis of the notion of rationality, when applied to decision-aiding processes, to translate this reasoning in the concrete terms of applications of environmental economic valuations. According to the argument that we articulate here, standard economic valuations, just like any other application of economic tools, can indeed play a role in rationalizing environmental decisions, in spite of the inequalities that they produce. But this possibility is conditioned by the requirement that the economist implementing them should produce justifications. (shrink)

Establishing that nature has intrinsic value has been the primary goal of environmental philosophers. This goal has generated tremendous confusion. Part of the confusion stems from a conflation of two quite distinct concerns. The first concern is with establishing the moral considerability of the natural world which is captured by what I call "intrinsic value p ." The second concern attempts to address a perceived problem with the way nature has traditionally been valued, or as many environmentalists would suggest, (...) undervalued, what I call "intrinsic value v ." In this paper I argue against further development of both types of theories of the intrinsic value of nature. There are, I believe, intermediate valuations that have been almost entirely overlooked in discussions of value. Much of the confusion currently plaguing environmental ethics can be avoided by abandoning intrinsic value and refocusing environmental ethics. (shrink)

This major new book contains a collection of papers that examine the current state-of-the-art in the valuation of environmental resources. In particular, they assess the meaningfulness of environmental resource values obtained through the contingent valuation metho.

Issues of interest, identity and values intertwine in environmental conflicts, creating challenges that cannot generally be overcome using rationalities grounded in generalised argumentation and abstraction. To address the growing need to engage interests and identities along with plural values in the conservation of biodiversity and ecological systems, we introduce the concept of ‘appropriateness of actions’ and ground it in a relational understanding of environmental ethics. A determination of appropriateness for actions comes from combining outputs from value elicitation with (...) those of interest and identity negotiation in ways that are salient to specific people and their relationships to specific places. Drawing on the Blue Mountain Forest Partnership in the Pacific Northwest, we propose factors of success for supporting appropriate actions: 1) understanding context and identifying key stakeholders; 2) surfacing a diversity of interests and building system-level trust; 3) building empathy for different identities grounded in specific places; 4) eliciting diverse values and seeking to understand their links to worldviews and knowledge systems and; 5) seeking out appropriate actions. (shrink)

In this paper I argue that the criterion of valuation in neoclassical economics is flawed because it is not an invariant measure of value. It is invariant only when unrealistically restrictive conditions are imposed on the class of admissible utility functions, which in fact makes it a special case. The only sensible alternative is to turn to classical value theory based on real sacrifices or opportunity costs.

This paper examines the socio-economic and environmental implications of soy development in Santarém, Pará, located in the Brazilian Amazon. The settlement history of the region contributes directly to the way in which soy agriculture is currently proceeding in Santarém. Government policies and perspectives have been shaped by a history of agrarian colonization of Amazon forests, and the small farmers, or colonos, who are now being bought out by soy agribusiness are also rooted in this history. As a means of (...) ascertaining the current state and interaction of soy actors with the burgeoning soy-based economy in the area, field research was conducted on the role of primary and secondary forests for soy production. Research also included an analysis of valuation discourses – that is, how the differing soy actors (local government, agribusiness, conservation NGOs, and small farmers) assign value to types of forests and their different interpretations of what constitutes environmental degradation. The ways in which these different actors assign such values to forests and how they structure the definition of environmental degradation is a key factor in determining who “wins” and “loses” in the realm of Amazon development. Significant environmental and socio-economic implications of soy expansion, especially for the colonos, are not taken into account because the dominant rhetoric of Amazonian development ignores their contribution to social and ecological diversity. This omission keeps colono communities living at poverty level and even exacerbates colono poverty under the soy development project. The colonos and their representatives are responding by setting forth their own, competing valuations of primary and secondary forests that contrast sharply with state soy growing schemes and NGO plans for “sustainable soy.” These have their roots in local knowledge and best practices. (shrink)

In this paper, we want to analyze conceptually whether and when merely using economic discourse – talking money – can crowd out people's positive attitudes towards environmental goods and their reasons to protect them. We concentrate on the specific case of market-based or monetary valuation as an instance of ‘commodification in discourse’ and argue that it can have the same moral problems as real commodification. We aim to bring together insights from philosophy, ethics, economics and psychology to argue (...) that there are good reasons to think about how and when to apply MV in environmental cases. On the basis of this interdisciplinary analysis and in order to promote further empirical research, we develop four empirically falsifiable hypotheses. Commodification in discourse can bring about real commodification. MV can have framing and crowding effects on those who come into contact with it. Intrinsic motivation is more robust than extrinsic motivation and leads less to freeriding. MV's framing and crowding effects can decrease environmental protection. (shrink)

Scholars have critiqued mainstream economic approaches to environmental valuation for decades. These critiques have intensified with the increased prominence of environmental valuation in decision-making. This paper has three goals. First, we summarise prominent critiques of monetary valuation, drawing mostly on the work of Clive Spash, who worked extensively on cost–benefit analysis early in his career and then became one of monetary valuation's most thorough and ardent critics. Second, we, as a group of scholars who (...) study relational values, describe how relational values research engages with and addresses many of the critiques of monetary valuation. Third, we offer suggestions for relational values research that continues and deepens its ability to respond to critiques of monetary valuation and contributes to transformative change towards sustainability. (shrink)

A frequent justification in the literature for using stated preference methods (SP) is that they are the only methods that can capture the so-called total economic value (TEV) of environmental changes to society. Based on follow-up interviews with SP survey respondents, this paper addresses the implications of that argument by shedding light on the construction of TEV, through respondents’ perspective. It illuminates the deficiencies of willingness to pay (WTP) as a measure of value presented as three aggregated themes considering (...) respondents’ unintentionality, their retraction once they understood that their WTP could be decisive in cost-benefit analysis and the inherent incompleteness of WTP. We discuss why the TEV discourse persists, how it conceals rather than reveals broader notions of value and in what ways our results support the development of alternative approaches that truly endorse plurality in environmental valuation and decision-making. (shrink)

The use of cost-benefit analysis (CBA) in environmental decision-making and the contingent valuation (CV) technique as input into traditional CBA to elicit environmental values in monetary terms has stimulated an extensive debate. Critics have questioned the appropriateness of both the method and the technique. Some alternative suggestions for the elicitation of environmental values are based on a social process of deliberation. However, just like traditional economic theory, these alternative approaches may be questioned on their implicit value (...) judgements regarding the legitimacy of the social-political organisation of the process of value elicitation. Instead of making assumptions a priori, research efforts should be focused on the processes by which actual public attitudes and preferences towards the environment can best be elicited and fed into environmental or other public policy decision-making. In the study presented in this paper, support was found for both the individual WTP based approach and a participatory social deliberation approach to inform the environmental decision-making process, suggesting that a combination of both approaches is most appropriate. (shrink)

Valuation is portrayed here as a dynamic and interactive process, not a static notion linked to willingness to pay. Valuation through economic measures can be built upon by creating trusting and legitimising procedures of stakeholder negotiation and mediation. This is a familiar practice in the US, but it is only beginning to be recognised as an environmental management tool in the UK. The introduction of strategic environmental and landuse appraisal plans for shorelines, estuaries, river catchments and (...) rural landscapes, combined with the mobilisation of protest around landuse proposals that are not seemingly justified on the basis of 'need' suggest that a more legitimate participatory form of democracy is required to reveal valuation through consensual negotiation. (shrink)

As conceptual and theoretical discussions on environmental valuation approaches have advanced there is growing interest in the impact that valuation has on decision making. The perceived legitimacy of the outputs of valuation studies is seen as one factor influencing their impact on policy decisions. One element of this is ensuring that participants of valuation processes see the results as legitimate and would be willing to accept decisions based on these findings. Here, we test the perceived (...) legitimacy to participants of two approaches to deliberative monetary valuation, deliberated preferences and Deliberative Democratic Monetary Valuation, in the context of marine planning in the Clyde estuary in Scotland. We compare and contrast deliberated preference and deliberative democratic monetary valuation and track their emergence as responses to critiques of conventional stated preference approaches. We then present the results of our case study where we found that deliberative democratic monetary valuation produced valuations that were perceived as more legitimate that deliberated preference as the basis for decision making by those involved in the valuation process. (shrink)

This paper investigates how people conceive and evaluate nature through language, in a climate change context. With material consisting of 1,200 answers to open-ended questions in nationally representative surveys in Norway, we explore what semantic roles and values the respondents attribute to nature as well as to how they interact with the public debate about climate change. We observe that different conceptions and valuations of nature are tied to different perspectives on the climate change issue: some address the responsibilities of (...) causing climate change, others its consequences, and others yet its potential solutions. The study provides knowledge about the variety of conceptions of nature that can be mobilised by individuals and suggests that policy measures and public communication could benefit by taking this diversity into account. (shrink)

This paper reports a Contingent Valuation application to estimate the non-market costs and benefits of hydro scheme developments in an Icelandic wilderness area. A deliberative group -based approach, called Market Stall, is compared to a control group consisting of conventional in-person interviews, in order to investigate flaws of Contingent Valuation, such as poor validity and protest responses. Perceived property rights suggested the use of willingness-to-accept in compensation for wilderness loss and willingness-to-pay for hydro scheme benefits. The study is (...) novel as it applies participant behaviour observation to gain insights into the shortcomings of conventional data collection modes. Main drawbacks with in-person interviews were found to be low motivation, standardised information and time pressure which hindered individuals from carefully considering their preferences. Market Stall performed better in the study: welfare estimates were more easily explained by socio-economic variables, the non-response rate was lower, and respondents were more engaged. Our research findings also suggest that participant behaviour can be used to supplement conventional validity tests. (shrink)

This paper reports a Contingent Valuation application to estimate the non-market costs and benefits of hydro scheme developments in an Icelandic wilderness area. A deliberative group-based approach, called Market Stall, is compared to a control group consisting of conventional in-person interviews, in order to investigate flaws of Contingent Valuation, such as poor validity and protest responses. Perceived property rights suggested the use of willingness-to-accept in compensation for wilderness loss and willingness-to-pay for hydro scheme benefits. The study is novel (...) as it applies participant behaviour observation to gain insights into the shortcomings of conventional data collection modes. Main drawbacks with in-person interviews were found to be low motivation, standardised information and time pressure which hindered individuals from carefully considering their preferences. Market Stall performed better in the study: welfare estimates were more easily explained by socio-economic variables, the non-response rate was lower, and respondents were more engaged. Our research findings also suggest that participant behaviour can be used to supplement conventional validity tests. (shrink)

Contingent valuation of the environment has proven popular amongst environmental economists in recent years and has increased the role of monetary valuation in public policy. However, the underlying economic model of human psychology fails to explain why certain types of stated behaviour are observed. Thus, good scope exists for interdisciplinary research in the area of economics and psychology with regard to environmental valuation. A critical review is presented here of some recent research by social psychologists (...) in the US attempting to explain stated behaviour in contingent valuation. Attitudinal scales have been used to analyse the role of ecocentric, biocentric and altruistic motives for giving. However, the research is shown to draw some potentially misleading conclusions and be unrepresentative of contingent valuation. Two recent economic studies using contingent valuation are then reported and shown to have identified non-economic motives for WTP. The complexity of value formation and expression is found to go far beyond that generally accepted by economic models. Greater consideration of the role played by attitudes and ethical considerations then becomes relevant to the interpretation of results being used in standard cost-benefit analysis and environmental policy. (shrink)

This article shows that forms of analysis and calculation specific to finance are spreading, and changing valuation processes in various social settings. This perspective is used to contribute to the study of the recent transformations of capitalism, as financialisation is usually seen as marking the past three decades. After defining what is meant by “financialised valuation,” different examples are discussed. Recent developments concerning the valuation of assets in accounting standards and credit risk in banking regulations are used (...) to suggest that colonisation of financial activities by financialised valuations is taking place. Other changes, concerning the valuation of social or cultural activities and environmental issues are also highlighted in order to support the hypothesis of a parallel colonisation of non-financial activities by financialised valuations. Specifically, the language of finance appears to gradually being incorporated into public policies, especially in Europe—and this trend seems to have gathered pace since the 2000s. Some interpretations are proposed to understand why public policies are seemingly increasingly reliant on financialised valuations. (shrink)

Economics takes an individualistic approach to human behaviour. This is reflected in the use of 'contingent valuation' surveys to conduct cost benefit analysis for economic policy evaluation. An individual's valuation of a policy is assumed to be unaffected by the burdens it places on others. We report a survey experiment to test this supposition in the context of climate change policy. Willingness to pay for climate change mitigation was higher when richer individuals were to bear higher costs than (...) when, as is usual, no explicit information was provided about cost distribution. This result is inconsistent with the usual interpretation of contingent valuation data. It also suggests that the data may be biased indicators of policy acceptance. Additional survey questions suggest that a collective mode of reasoning is common. (shrink)

The trend in environmental management toward more adaptive, community-based, and holistic approaches will require new approaches to environmental valuation. In this paper, we offer a new valuation approach, one that embodies the core principles of adaptive management, which is experimental, multi-scalar, and place-based. In addition, we use hierarchy theory to incorporate spatial and temporal variability of natural systems into a multi-scalar management model. Our approach results in the consideration of multiple values within community-based ecosystem management, rather (...) than an attempt to maximise a single variable such as economic efficiency. We then offer two heuristics – one procedural and one evaluative – to guide a community toward shared goals, and to develop indicators to measure progress toward these goals. We illustrate our approach by application to environmental and developmental decisions in the Southern Appalachians. (shrink)

Environmental education usually appeals to the students’ knowledge and rational understanding. Even though this is needed, there is a neglected aspect of learning ecologically fruitful action; that of the lived-body. This paper introduces the lived-body as an important site for learning ecological action. An argument is made for the need of a biophilia revolution, in which refined experience of the body and enhanced capabilities for sensing are seen as important ways of complementing the more common, knowledge-based environmental education. (...) Alienation from the physical environment is seen as one key element in producing environmental devastation. Consequently, human alienation from nature is seen as closely related to alienation from one's body. It is claimed that through overcoming the dualist alienation of human consciousness from its lived body, we can decrease the alienation of human beings from their environment. Methods of contemplative pedagogy are introduced for addressing alienation. By getting in touch with the tangible lived-body in yoga or mindfulness meditation we reconnect to the material world of nature. Contemplative pedagogy cultivates the body and its senses for learning intrinsic valuation and caring for the environment. Lived-body experience is challenging to conceptualise; we use Maurice Merleau-Ponty's concept of the flesh in our attempt to do so. Finally, this paper suggests some contemplative practices of the lived-body for environmental education. Experiencing the flesh of oneself and the world as one and the same is an environmentally conducive experience that gives value and meaning to the flourishing of all life, human and non-human. (shrink)

Environmental education usually appeals to the students’ knowledge and rational understanding. Even though this is needed, there is a neglected aspect of learning ecologically fruitful action; that of the lived-body. This paper introduces the lived-body as an important site for learning ecological action. An argument is made for the need of a biophilia revolution, in which refined experience of the body and enhanced capabilities for sensing are seen as important ways of complementing the more common, knowledge-based environmental education. (...) Alienation from the physical environment is seen as one key element in producing environmental devastation. Consequently, human alienation from nature is seen as closely related to alienation from one's body. It is claimed that through overcoming the dualist alienation of human consciousness from its lived body, we can decrease the alienation of human beings from their environment. Methods of contemplative pedagogy are introduced for addressing alienation. By getting in touch with the tangible lived-body in yoga or mindfulness meditation we reconnect to the material world of nature. Contemplative pedagogy cultivates the body and its senses for learning intrinsic valuation and caring for the environment. Lived-body experience is challenging to conceptualise; we use Maurice Merleau-Ponty's concept of the flesh in our attempt to do so. Finally, this paper suggests some contemplative practices of the lived-body for environmental education. Experiencing the flesh of oneself and the world as one and the same is an environmentally conducive experience that gives value and meaning to the flourishing of all life, human and non-human. (shrink)

Environmental education usually appeals to the students’ knowledge and rational understanding. Even though this is needed, there is a neglected aspect of learning ecologically fruitful action; that of the lived-body. This paper introduces the lived-body as an important site for learning ecological action. An argument is made for the need of a biophilia revolution, in which refined experience of the body and enhanced capabilities for sensing are seen as important ways of complementing the more common, knowledge-based environmental education. (...) Alienation from the physical environment is seen as one key element in producing environmental devastation. Consequently, human alienation from nature is seen as closely related to alienation from one's body. It is claimed that through overcoming the dualist alienation of human consciousness from its lived body, we can decrease the alienation of human beings from their environment. Methods of contemplative pedagogy are introduced for addressing alienation. By getting in touch with the tangible lived-body in yoga or mindfulness meditation we reconnect to the material world of nature. Contemplative pedagogy cultivates the body and its senses for learning intrinsic valuation and caring for the environment. Lived-body experience is challenging to conceptualise; we use Maurice Merleau-Ponty's concept of the flesh in our attempt to do so. Finally, this paper suggests some contemplative practices of the lived-body for environmental education. Experiencing the flesh of oneself and the world as one and the same is an environmentally conducive experience that gives value and meaning to the flourishing of all life, human and non-human. (shrink)

This paper presents the contribution of the pragmatic sociology of critical capacities to the understanding of environmental conflicts. In the field of 'environmental valuation', nowadays colonised by economics, the approach of plural modes (or 'regimes') of engagement provides a sociological understanding of the unequal power of conflicting 'languages of valuation'. This frame entails a shift from 'values' to 'modes of valuation', and links modes of valuation to modes of practical engagement and coordination with the (...) surrounding environment. Different social sources of incommensurability are thus detected and reframed as critical tension within and among modes of human coordination with the environment. (shrink)

Environmental problems have an ethical dimension. They are not just about the efficient use of resources. Justice in the distribution of environmental goods and burdens, fairness in the processes of environmental decision-making, the moral claims of future generations and non-humans, these and other ethical values inform the responses of citizens to environmental problems. How can these concerns enter into good policy-making processes?Two expert-based approaches are commonly advocated for incorporating ethical values into environmental decision-making. One is (...) an 'economic capture' approach, according to which existing economic methods can be successfully extended to include ethical concerns. For example, stated preference methods, especially contingent valuation, have been developed to try and capture ethical responses as 'non-use values' of the environment, in particular 'existence values'. The other is a 'moral expert' approach which confines economic methods to the analysis of welfare gains, and assumes committees of ethical experts will complement economic expertise.Both approaches face problems in terms of addressing many widely held ethical values about the environment. Furthermore, both face problems concerning the democratic legitimacy of their procedures. How can policy-making be made responsive to different ethical values? What role is there for new deliberative and participatory methods? How far do existing decision-making institutions have the capacities to incorporate different modes of articulating environmental values?This policy brief examines the limitations of current attempts to capture ethical values within existing economic instruments and considers how these limitations might be overcome. Section 1 examines the assumptions that standard economic theory makes about individuals when they express values and make choices about the environment. The current models of agents that inform policy-making are seen to be ill-suited to incorporating the ethical responses of agents and this reveals some of the policy failures that may result. Section 2 shows how the physical and social properties of many environmental goods prevent their being treated as commodities. Section 3 considers the problems surrounding conceptions of fairness and legitimacy in processes for environmental valuation. Section 4 raises questions concerning the capacities of policy-making institutions to take cognisance of the results of different methods for articulating environmental values. (shrink)

In this paper, I will discuss some aspects of the Swedish policy to reduce pesticide use by 50%, a decision that has attracted great interest and may sometimes have been over-advertised. It has also been followed by similar programmes in other countries such as Denmark, Holland and Canada, What are the cultural and political backgrounds? What is general and what is specifically swedish? Why did the demand for this decision first occur in Sweden, where the problems concerning pesticide use are (...) much less pronounced than in many other countries and agricultural areas? Does the Swedish policy imply a new approach with completely different conditions for pesticide use, or should it preferably be described as an adaptation to what modern pesticide and agricultural technology can achieve? (shrink)

Environmental problems have an ethical dimension. They are not just about the efficient use of resources. Justice in the distribution of environmental goods and burdens, fairness in the processes of environmental decision-making, the moral claims of future generations and non-humans, these and other ethical values inform the responses of citizens to environmental problems. How can these concerns enter into good policy-making processes?Two expert-based approaches are commonly advocated for incorporating ethical values into environmental decision-making. One is (...) an 'economic capture' approach, according to which existing economic methods can be successfully extended to include ethical concerns. For example, stated preference methods, especially contingent valuation, have been developed to try and capture ethical responses as 'non-use values' of the environment, in particular 'existence values'. The other is a 'moral expert' approach which confines economic methods to the analysis of welfare gains, and assumes committees of ethical experts will complement economic expertise.Both approaches face problems in terms of addressing many widely held ethical values about the environment. Furthermore, both face problems concerning the democratic legitimacy of their procedures. How can policy-making be made responsive to different ethical values? What role is there for new deliberative and participatory methods? How far do existing decision-making institutions have the capacities to incorporate different modes of articulating environmental values?This policy brief examines the limitations of current attempts to capture ethical values within existing economic instruments and considers how these limitations might be overcome. Section 1 examines the assumptions that standard economic theory makes about individuals when they express values and make choices about the environment. The current models of agents that inform policy-making are seen to be ill-suited to incorporating the ethical responses of agents and this reveals some of the policy failures that may result. Section 2 shows how the physical and social properties of many environmental goods prevent their being treated as commodities. Section 3 considers the problems surrounding conceptions of fairness and legitimacy in processes for environmental valuation. Section 4 raises questions concerning the capacities of policy-making institutions to take cognisance of the results of different methods for articulating environmental values. (shrink)

‘Contingent Valuation ’ is a method often used to make decisions about environmental issues. It is used to elicit citizens’ preferences at the location of a specific facility, new road and the like. I argue that even if we could elicit a truly informed and ‘free’ choice, the method would remain flawed, as 1) all ‘local’ activity also has far-reaching environmental consequences; 2) majority decisions may support chices that adversely affect minorities; 3) even with full information, consenting (...) to harms like significant alterations of our normal functioning or health, or genetic mutations, may not be morally acceptable. (shrink)

Maintaining plural values is important when there is no conclusive principle by which the relative priority of normative positions can be determined. Value-articulating institutions predicated upon such principles have a low pluralistic potential. In response to the failures of stated-preference approaches to economic valuation, new perspectives have been developed to capture plural values. Three broad approaches are identified. The first, functional diversification, seeks to encompass the multiple qualities of the object of valuation, whereas positional modification enforces a particular (...) mode of thinking on the subject. Both entail a prior judgement of values and benefit from a reduction in the range of values. Eventually, therefore, both approaches collapse pluralism to a problem that can be tackled. The third approach, structural reconstruction, has greater pluralistic potential, recognising that the more diverse and uncertain the object of valuation, the more compelling it is. (shrink)

The use of contingent valuation methods for estimating the economic value of environmental improvements and damages has increased significantly. However, doubts exist regarding the validity of the usual willingness to pay CV methods. In this article, we examine the CV approach in light of recent findings from behavioral decision research regarding the constructive nature of human preferences. We argue that a principal source of problems with conventional CV methods is that they impose unrealistic cognitive demands upon respondents. We (...) propose a new CV approach, based on the value-structuring capabilities of multiattribute utility theory and decision analysis, and discuss its advantages and disadvantages. (shrink)

The aim of this paper is to calculate the market valuation of non-financial characteristics, namely, the social responsibility criteria included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique (...) is used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non-abusive market practices. (shrink)

The primary objective of this research is to examine the potential influence of environmental, social, and governance (ESG) disclosure on cash holdings. Additionally, the study explores the role of earnings management (EM) practices as a mediating factor in this relationship. The sample comprises 797 companies listed on financial markets across 19 European countries, and the data spans from 2013 to 2019. The outcomes indicate a significant negative correlation between ESG disclosure and cash holdings, implying that ESG performance can be (...) used by management to resolve disputes with stakeholders. The outcomes further indicate that the existence of EM practices partially mediates the link between ESG disclosure and cash holdings. Moreover, they are robust by substitute cash holdings specification, three distinct initiatives of ESG disclosure (i.e., environment, social, and governance), and a two-stage least squares assessment. Therefore, the findings document that nonfinancial reporting in the form of ESG disclosure can assist in controlling agency conflict, leading to better valuations of company performance by stakeholders. (shrink)

Contingent valuation surveys have tended to yield results that seem to go contrary to what is standardly seen as 'rational choice'. We argue that some of the inconsistencies arise because bids for public environmental goods in contingent valuation surveys are often motivated by moral considerations and ethical beliefs. We analyse the expected results of CV surveys given the existence of such ethical motivations, including the valuation of actions as well as states. It is found that we (...) cannot expect bids made on this basis to reveal preferences which obey the rules commonly assumed in the theory of consumer choice. The two standard reactions to these anomalies have been to attack the validity of the method, or to urge greater rigour in survey design and application. By contrast, we conclude that the usefulness of the method for evaluating options concerning environmental public goods depends critically on the problem definition. The method should be used for the direct evaluation of realistic policy packages, rather than to try to extract abstract values for invaluable goods. The conclusion accords with current trends, including the move towards the use of deliberative methodologies. (shrink)

If valuation processes are dualistic in the sense that ethical values are given priority over instrumental values, and if old-growth forests are considered to be valuable in their own right, then the cost-benefits approach to valuing old growth is inappropriate. If this is the case, then ethical standards must be used to determine whether preservation is the correct policy when human material needs and ecosystem preservation are in conflict. Such a standard is suggested and evaluated in the context of (...) the policy debate over the preservation of spotted owl habitat in the Pacific Northwest region of the U.S. (shrink)

Researchers working in the field of ecosystem services (ES) have long acknowledged the importance of recognising multiple values in ecosystems and biodiversity. Yet the operationalisation of value pluralism in ES assessments remains largely elusive. The aim of this research is to present a taxonomy of values and valuation methods to widen the evaluative space for ES. First, we present our preanalytic positions in regards to the values and valuation of ES. Second, we review different value definitions that we (...) deem relevant for the discussion of ES valuation. Third, we propose a taxonomy of ES values based on different conceptions of human-nature relationships. Finally, we present a taxonomy of different methods that can be used to recognise plural values in ES. This taxonomy for a plural valuation can help ES scientists and practitioners with their aim of representing people's multiple and context-specific ways of valuing nature. The taxonomy can also serve to pay broader attention to ES values that are overlooked or misrepresented in assessments that restrict their focus to monetary valuations. (shrink)

Some writings by Alan Holland provide the starting point for an exploration of sources of environmental value in human social practices. It is argued that many practices both serve human purposes and also provide a setting for the emergence of environmental value. Such practices are ones in which activity is embedded in, and so both strongly constrained and enabled by, its conditions and media. Capitalist 'modernisation' has tended to erode these practices and associated values in favour of external (...) purposes and instrumental values, especially in the farmed countryside. In the face of this, and partly on grounds of social justice, a re-valuation of urban open spaces is advocated. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Future Environmental Philosophies and Their Biocultural Conservation InterfacesRicardo Rozzi (bio)Perhaps it would be better to speak of the future of environmental philosophies, rather than of the future of environmental philosophy. Making explicit a plurality of future trends helps prevent an "Anglo-academic" bias, and emphasizes the need for further developing environmental philosophy into at least two directions: (1) a stronger dialogical interaction with the diverse international (...) constellation of cultural, ethnic, social, political, economic, and ecological dimensions of environmental problems; and (2) a greater integration into the transdisciplinary field of biological and cultural conservation, involving an enhanced actualization of environmental theoretical philosophy into environmental practical philosophy.1. Toward more multi-discursive international environmental philosophiesFurther developing international environmental philosophy can help [End Page 142] to more precisely identify agents and causes of environmental problems, as well as their effects and victims. For instance, the focus on global climate change—and more generally global change, including other processes of rapid environmental transformation such as biotic, linguistic, and cultural homogenization—should not overlook the fact that different human communities, regions, societies, and countries are not equally responsible for such change nor suffer equally from its consequences. For example, today the highest levels of UV radiation fall on areas of Patagonia and the Antarctic Peninsula. These regions are the farthest away from the centers of CFC emissions which generate the stratospheric ozone hole found over the austral portion of the Americas.1 The incorporation of these type of regional distinctions into environmental philosophy provides the opportunity for more precise diagnoses and characterizations of environmental problems than the still-frequent generalizations stated in terms of problems between "humanity and nature."2 Such a lack of specificity is deceptive because it absolves particular responsible agents of environmental problems by referring to all humans or society in general as responsible for them.Secondly, contrasting ecological, social, and political settings generate not only different environmental problems, but also offer a variety of viable options for solving those problems. This is a point that remains frequently overlooked within global environmental agendas. While working in conservation in Latin America, I am continuously surprised by the marked ecological and cultural singularities I find in different localities in which communities have evolved peculiar ways of understanding, valuing, and interacting with their environments.3 On the one hand, environmental philosophy would enrich itself by further incorporating this biocultural diversity. On the other hand, environmental philosophy could provide a valuable contribution to biocultural conservation by better articulating the understanding the reticulate diversity of ecological knowledge and practices that indigenous and non-indigenous old-resident communities have co-evolved with particular ecosystems and historic and cultural settings around the world.Finally, furthering the participation of environmental thinkers of different regions and strengthening environmental philosophy networks could contribute to an international dialogue that would generate more pertinent concepts and propositions by more deeply embracing local [End Page 143] social, historical, political, cultural, linguistic, and ecosystem realities. The dynamic diversity of human ecological worldviews and practices has been addressed by the field of environmental philosophy;4 however, this diversity has still not been sufficiently incorporated as part of a multi-discursive community.* * *2. Incorporating environmental philosophy into the theory and praxis of biocultural conservationDuring the last two decades, a main goal of ecological sciences and biological conservation has been a better integration between human and natural systems. Under currently prevailing scientific approaches, such reconnection has been developed primarily through economic valuation of "ecosystem services" (see, for example, the recent landmark Millennium Ecosystem Assessment).5 Environmental philosophy has had a weak presence as compared to ecological economics in the transdiscipline of biological conservation. This weak presence is mismatched with the numerous calls made by ecologists about the need for environmental ethics, and with the frequent reference to ethical values made by international environmental conventions. For instance, the text of the Convention on Biological Diversity begins with a reference to the intrinsic value of biodiversity but it does not develop this notion at all.6 Similarly, the Millennium Ecosystem Assessment mentions the intrinsic value of biodiversity but does not develop the notion, and ends up justifying the need for its conservation in terms of economic values... (shrink)

Purpose of the article is to present the way of application of methodology of environmental metrics within the total environmental assessment framework. An inevitable part of sustainable development initiatives is sustainable measurement metrics. This kind of metrics is being represented by three sets of indicators: Environmental, Social and Economic. Sustainability measurement metrics tends to measure environmental safety, social responsibility and economic efficiency. Studying behaviour of companies in sustainability measurement metrics application, using another scientific method is well (...) welcomed. Methods used in article are synthesis, analysis, deduction and comparative analysis. We are synthesizing those methods in a presented model which examines quality of environmental improvements across departments of selected organization. In other words, the model is able to quantify an extent how individual managerial decision contributed towards overall improvement in environmental performance of whole organization. Model works with and additive elements. In order to derive results using multiplicative elements, we are using logarithmic method in a model. Scientific aim of the article is to synthesize scientific methods aimed at environmental performance measurement into unified and universal model usable by managements of small and medium-sized enterprises. The background of this mission is to ensure that environmental performance will be correctly reported, data delivered by various companies will be benchmarkable and consequently, Corporate Social Responsibility concepts worked out by individual organizations will be trustable. In the article, we are discovering that use of proposed universal model has marketable outcomes. Thanks to an existence of thriving markets valuating triple bottom line of sustainability, results delivered by the model helped to a company PintInox, S. p. A. to succeed at such kind of market. Conclusions the article delivers are pointing out an importance of interdisciplinary cooperation within field of sustainable development. (shrink)

There is public support in the United States and Europe for accounting for animal welfare in national policies on food and agriculture. Although an emerging body of research has measured animals’ capacity to suffer, there has been no specific attempt to analyze how this information is interpreted by the public or how exactly it should be reflected in policy. The aim of this study was to quantify Americans’ preferences about farming methods and the suffering they impose on different species to (...) generate a metric for weighing the trade-offs between different approaches of promoting animal welfare. A survey of 502 residents of the United States was implemented using the online platform Mechanical Turk. Using respondent data, we developed the species-adjusted measure of suffering-years, an analogue of the disability-adjusted life year, to calculate the suffering endured under different farming conditions by cattle, pigs, and chickens, the three most commonly consumed animals. Nearly one-third of respondents reported that they believed animal suffering should be taken into account to a degree equal to or above human suffering. The 2016 suffering burden in the United States according to two tested conditions was approximately 66 million SAMYs for pigs, 156 million SAMYs for cattle, and 1.3 billion SAMYs for chickens. This calculation lends early guidance for efforts to reduce animal suffering, demonstrating that to address the highest burden policymakers should focus first on improving conditions for chickens. (shrink)