Comment on paper by Andreas Kontoleon, Richard Macrory and Timothy Swanson

Publication Date15 August 2002
DOIhttps://doi.org/10.1016/S0193-5895(02)20010-X
Pages215-218
AuthorRichard B. Stewart
COMMENT ON PAPER BY
ANDREAS KONTOLEON,
RICHARD MACRORY AND
TIMOTHY SWANSON
Richard B. Stewart
Kantoleon, Macrory and Swanson discuss on the role of preference-based
valuations in environmental decison making generally and natural resource
damages (NRD) determinations in particular; their discussion contains three
parts.
First, the authors briefly summarize a typology of different approaches to envi-
ronmental decision making organized by their degree of reliance on individual
preference-based valuations. These include revealed preference techniques,
environmental pricing techniques, participatory and deliberative approaches, and
expert-based approaches. While this classification scheme is not extensively
developed or linked to the other parts of the paper, it is quite suggestive and
illuminating. One hopes that the authors will develop their typology further
and explore its applications and implications in future work. For example, an
important question, noted briefly by the authors, is whether or not and why
restrictions should be imposed on the valuation methods used for determining
damages liability that are not applicable to regulatory determinations.
Second, the authors briefly defend the proposition that the "concept of
economic value is a meaningful concept based on the notion of trade-off
and opportunity cost," addressing various objections to the use of economic
valuation of environmental resources. They conclude that "information derived
An Introduction to the Law and Economies of Environmental Policy: Issues in Institutional
Design, Volume 20, pages 215-218.
© 2002 Published by Elsevier Science Ltd.
ISBN: 0-7623-0888-5
215

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