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Integrated value theory for natural areas


Lockwood, M, Integrated value theory for natural areas, Ecological Economics, 20, (1) pp. 83-93. ISSN 0921-8009 (1997) [Refereed Article]

DOI: doi:10.1016/S0921-8009(96)00075-4


Values assessment is a necessary component of any rational decision- making process concerning the use or management of natural areas. This paper describes an integrated value theory for identifying, measuring and aggregating human values for natural areas. To ensure philosophical coherence, the framework makes a commitment to a specific theory of end values. Three related levels of end value are identified, which give meaning to the values expressed by humans. The theory addresses the three rational modes of human value expression; weakly comparable, noncompensatory and exchange. Exchange value expressions are consistent with neoclassical economic notions of value. The other types of value expression are not. Current techniques for aggregating values include multicriteria analysis and benefit cost analysis. Multicriteria analysis can encompass the three modes of value expression, but does not readily discriminate between them, and so fails to take advantage of the full information content of noncompensatory and exchange preferences. Benefit cost analysis, on the other hand, assumes a particular structure of values which means it should be limited to assessment of exchange preferences. The framework outlined in this paper provides an advance on both of these methods, in that it combines the specificity of benefit cost analysis with the breadth of multicriteria analysis.

Item Details

Item Type:Refereed Article
Research Division:Economics
Research Group:Applied economics
Research Field:Industry economics and industrial organisation
Objective Division:Environmental Policy, Climate Change and Natural Hazards
Objective Group:Environmental policy, legislation and standards
Objective Field:Environmental policy, legislation and standards not elsewhere classified
UTAS Author:Lockwood, M (Associate Professor Michael Lockwood)
ID Code:34081
Year Published:1997
Web of Science® Times Cited:26
Deposited By:Geography and Environmental Studies
Deposited On:2005-07-25
Last Modified:2005-07-25

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