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Deliberative Monetary Valuation and the Evidence for a New Value Theory

Economists concerned with validity are combining stated-preference methods with participatory deliberation to address on-going criticism. Deliberative monetary valuation (DMV) uses formal methods of deliberation to express values for environmental change in monetary terms. However, the results have begun to define different realms of value, reflecting pluralism in public concern over environmental change. Reviewing empirical DMV studies evidences a range of issues regarded as external to economics and the validity of its methods, issues which are typically kept at arms length by most environmental economists namely, multiple values, incommensurability and lexicographic preferences, social justice, fairness, and non-human values. (JEL D61, Q51)