Social influences on expressed willingness to pay: results of a deliberative monetary valuation study in Colombia |
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Authors: | Andrés Vargas Alex Y Lo Nicholas Rohde Michael Howes |
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Institution: | 1. Department of Economics, Universidad del Norte, Barranquilla, Colombia;2. Department of Geography, University of Hong Kong, Hong Kong;3. Griffith Business School, Griffith University, Gold Coast, Australia;4. Griffith School of Environment, Griffith University, Gold Coast, Australia |
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Abstract: | Deliberative monetary valuation (DMV) methods can support environmental decision making by enabling the exchange of arguments and information to produce more democratic outcomes. The product of a valuation may be an array of expressions of willingness to pay (WTP) by individuals or a collectively agreed monetary value. Concerns have been raised, however, as to whether this product is an outcome of thoughtful and independent decision-making or influenced by social pressures to conform. Our study examines this issue and addresses concerns about the use of DMV, based on a public deliberation of forest conservation in Colombia. We analyzed the impacts of social conformity on WTP under two different decision scenarios: individual and collective. The results suggest that the impacts of social conformity are greater when a collective decision is required. These findings indicate that tensions between the differing goals of DMV could undermine its democratic promise. |
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Keywords: | deliberative monetary valuation deliberative democracy social conformity willingness to pay Tropical Dry Forest |
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