Institute for Social and Economic Change

Established in 1972 by Professor V K R V Rao, ISEC is an All-India Institute for Interdisciplinary Research and Training in the Social Sciences

Theories of Failure, Failure of Theories and Non-Market Valuation: A Survey – isec

Theories of Failure, Failure of Theories and Non-Market Valuation: A Survey

Abstract

Non-market valuation of environmental benefits and costs plays a crucial role in environmental decision-making both at the micro and at the macro-levels. This paper basically reviews three theoretical developments embedded in economics, which can provide frameworks to value non-market benefits and costs of changes in environment. The major conclusion of this paper is that non-market valuation should be treated as ‘derived demand’ from any of these theoretical frameworks so that appropriate environmental policy measures can be initiated in the relevant areas.

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