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The Worth of a Possum: Valuing Species with the Contingent Valuation Method
Authors:Kristin M Jakobsson  Andrew K Dragun
Institution:(1) IIDE and EcoSearch Australasia, Box 229, Launceston, Tasmania, Australia
Abstract:The focus of this paper is on methods of assessing the value peopleplace on the conservation of species for use in policy making. Of principalinterest is the relatively new methodology of contingent valuation, whichis a method for asking people directly about their preferences. The paperpresents an application of the contingent valuation method to theconservation of an endangered species in the State of Victoria, Australia.The results emphasise the importance of careful survey design,implementation and analysis as well as the precise definition of theenvironmental good being valued. Consequently, the contingent valuationmethod does provide information relevant to decision making processesbased on monetary economic considerations. Thus, in orthodox economicterms it makes sense to conserve species – but there are other moral andethical grounds for conserving species as well.
Keywords:biodiversity  individual preferences  policy making  species conservation
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