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Environmental Damage in International and Comparative LawProblems of Definition and Valuation$
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Michael Bowman and Alan Boyle

Print publication date: 2002

Print ISBN-13: 9780199255733

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199255733.001.0001

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The Economic Value of Environmental Damage

The Economic Value of Environmental Damage

Chapter:
(p.27) 3 The Economic Value of Environmental Damage
Source:
Environmental Damage in International and Comparative Law
Author(s):

Nick Hanley

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199255733.003.0003

This chapter provides an overview of the methods adopted by economists for the quantification of environmental harm. It explores the fundamental concept of utility, as reflected in both use and non-use values and measured by the devices of maximum Willingness to Pay (WTP) and minimum Willingness to Accept Compensation (WTAC). It shows that the choice between the two methods is dependent upon the allocation of property rights in particular contexts.

Keywords:   environmental harm, utility, willingness to pay, willingness to accept compensation, property rights

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